Credit Scores and Car Finance – what you need to know
How to check and improve your credit score
What is a credit score?
A credit score, sometimes referred to as a credit rating, is a number given to you to show how good you are at repaying debts and keeping up with your bills. The bigger the score you have, the more confident lenders will be to offer you finance. A higher score can help you get accepted for finance and at better rates.
Your individual score is calculated using a variety of factors, including your borrowing history, your current borrowing and other information about yourself including your income.
How can I check my Credit Score?
Motorly has partnered with Experian, who can offer you a free credit check today.
By checking your credit report, you can keep on top of your financial position and know where you stand when you apply for credit.
How can I improve my credit score?
Register on the electoral roll: Adding your name to the electoral roll is one of the easiest ways to improve your score.
Make sure you pay your bills on time: Too many missed payments will quickly damage your credit score. By keeping up with your payments, you are showing potential lenders that you are reliable when paying your debts.
Check your credit report for fraudulent activity: If you see something that is wrong, such as a credit application that you didn’t make, you could be the victim of identity fraud. By regularly checking your credit report, you can keep on top of any issues.
Can I still get car finance if I have a bad credit rating?
Motorly has a panel of lenders that cater to those whose credit scores are not perfect. If you have bad credit, and you are looking to buy a new car, or if other lenders have rejected your application, Motorly may still be able to help you
Even though having a poor credit rating may limit the options available to you, the great news is that it’s still possible to get a car finance application accepted with a fair to poor credit rating.
Motorly has a panel of lenders that cater to those whose credit scores are not perfect. If you have bad credit, and you are looking to buy a new car, or if other lenders have rejected your application, Motorly may still be able to help you get a car finance deal that is right for you. Motorly are specialists in helping customers with bad credit rating to get car finance.
To find out more go to the Motorly Bad Credit Car Finance page.