How your credit report can help with car finance
Guest Post by Darren Beach, Editor at Experian Experts blog
When you’re buying a car on credit, your credit report can be the difference between getting a good interest rate or not, or sometimes getting any deal at all.
Whether second-hand or brand new, you may need to spread the cost with a loan fixed against the car, a personal loan or even hire purchase, so making sure you can get a good deal is really important.
Here we're joined by Ed Lewis from Zuto Car Finance, to discuss the different types of car finance and how your credit report can help you when you’re buying a car on credit.
Check your credit report before you make the application, to see what your prospective lender would see about you, then you can correct any inaccuracies and update any out-of date information. You can also look for other opportunities to strengthen your credit report – such as registering on the electoral roll.
The Experian Credit Score can help as it gives you a guide to how a lender might assess your credit report, and includes tips on where you could make improvements.
This can be important because many lenders use your credit report to calculate their own credit score, which helps them decide whether to lender to you, how much to lend and what interest rate to charge.
Twitter Q and A – and competition!
Between 12 and 1pm on Thursday 3rd September, Experian’s experts will be answering your questions live about how your credit report can affect applications for car finance.
So, if you’ve got anything you’d like to ask us, tweet @Zuto with #AskExperian between those times with your questions.
And that’s not all – the most interesting question put to us in that hour will win £50 of Amazon.co.uk vouchers.