Just because you’ve never needed to borrow money before that doesn’t necessarily mean you’ll have a good credit score. Lenders like to see that you’ve built up a good reputation over time and proved yourself to be a responsible borrower so not having any credit can make you appear to be more of a risk. If you’re going to drive away in a car worth thousands of pounds then lenders want to know that you’re able to stick to the terms of your contract and make your payments on time.
Having a good credit score will open you up to the best interest rates and packages, because proving that you can manage your finances and stick to agreements will allow for more flexibility when choosing your car.
Less-than-stellar credit will make acquiring a new or used car more difficult but there are lenders and brokers available who specialize in helping customers with bad credit.
Understanding how your credit score works can ensure you take the necessary steps to repair it. Even something as simple as registering on the Electoral Roll will help as this is where lenders will find your address information.
Following the steps outlined in the info graphic below will ensue you stay on the road to good credit.
CLICK TO ENLARGE
No comments:
Post a Comment