New car sales rose by over 10% in 2013, compared to the year before* and experts believe access to great deals on finance was a crucial contributor. With January continuing the trend, with a 7.6% rise in new car sales,
“There are a number of attractive finance packages available at the moment and it is expected that even more people will invest in a new car this year,” says
“Anyone planning to buy a new car on finance should check their credit history before they start browsing the showrooms so that they have the best chance of getting the loan they want. Lenders want to see that an applicant has kept up repayments on past and current agreements.
“We advise anyone applying for new credit – whether it’s to buy a home, a car or just for a new credit card - to obtain a copy of their credit report, which allows them to see what the lender sees. Doing this before applying for finance means you can take steps to improve your credit status. This puts consumers in control of their finances, allowing them to make changes and improve their chances of securing an affordable deal.”
Equifax’s Check List to Improve Your Credit Status for New Credit Deals
• Are you on the Electoral Roll? Lenders use this to verify your ID and combat fraud.
• Are your bills paid? Missed payments may make lenders think you’re already struggling with debt.
• Do you pay the minimum? Try to pay more than just the monthly minimum on credit agreements. This demonstrates your ability to repay debts.
• Been refused credit? Stop applying for credit elsewhere. Each application logs a search on your credit file. Too many could appear as if you already have too many commitments.
• Have you reviewed your credit report? Look at your credit report, before applying for credit, to get an overview of your finances and see what the lender sees. Then you can take steps to present your finances in the best light.
The Equifax Credit Report is accessible for 30 days free simply by logging onto our website. If customers do not cancel before the end of the 30 Day Free Trial, the service will continue at £9.95 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.
Read the full story at http://www.prweb.com/releases/equifax/new-car-buyers/prweb11561056.htm
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