Credit score advice from Socialmotors
Your credit score is a computer generated number, it reflects the history of any loans or finance agreements or other forms of credit you have signed up for in the past 6 years.
For example, paying all of your finance/loan agreements in full and on time, you will more than likely have a higher than average (good) credit rating. There are many factors that damage your credit file, missing payments when they are due or not paying them at all is the easiest way to acquire a poor credit score. Having to resort to an individual voluntary agreement or debt management plan or being declared bankrupt will also negatively affect your history.
The higher your credit score, the better chance you will have of getting a car finance application approved. When considering a loan applicant, lenders will be more confident you have the ability to repay fulfil the loan agreement.
Having a good financial past and credit score opens up the opportunity to gain the lowest rates of interest available for hire purchase, at Socialmotors we are able to help people obtain the best package to suit them.
If you have been refused in the past due to defaults, CCJ’s, arrears or any other adverse credit situations. There is no need to worry, we have lenders that specialise in providing people with not so good credit pasts, affordable finance options to suit their budget and lifestyle.
At Socialmotors, we can help you apply for car finance regardless of your credit score. We finance cars, bikes, vans, taxi’s, minibuses, caravans, motorhomes and even horse boxes. You do not need to put a deposit down nor do you have to pay any upfront fees.
You can improve your credit score in a number of different ways, it is recommended the first thing you should do is make sure you are registered where you live on the electoral role.
Make sure you keep up any repayments you may have on any outstanding agreements and check your credit report contains your correct personal information. – Get a copy of your credit report