The Right Car Finance

How to Find the Right Car Finance

When you are in the market for car finance it’s always a good idea to begin with an idea of where you stand in terms of your financial situation and your credit score. A good way to start will be to first get a copy of your credit report and scan it for any errors. If you have recently reported a bankruptcy or made late payments you can expect to have a lower score. However, not all companies will report a late payment instantly but many of the larger companies will not hesitate to report a late payment you can expect utility companies, credit card companies and mortgage companies to report instantly even if it’s a small amount (i.e. – less than a dollar). This is why you should take a look at your credit report and call up the company to clear things up. In some instances a few people have gained a few points simply by clearing up a few pending bills and outstanding payments.

Finding the right car finance is all about doing your research the more you take your time to find out about the various companies and their deals the easier it’s going to be for you to find a good deal. However it’s also a good idea to know your limitations so for instance if you have bad credit and you are searching for car finance it will be immature for you to think that a lender will offer you a 5% interest rate while on the other hand you should expect at least a 5% interest rate if your credit is good. The only to find out what you can be offered is to go though the lender’s website. Many lenders will mention in detail exactly how they go about determining the interest rate for a particular borrower.

Once you have done your research you then need to narrow down the companies you think are good to around four to five so that you can go about applying for a quote on their website. When applying for a no-obligation car finance quote make sure that you clearly mention what your credit score is and what your annual income etc is. If you moonlight it would also be a good idea to mention that as well, you can also mention your spouse’s income and job since many lenders will take that into consideration as well.