how obtaining a loan or finance for a car or van can help establish or
re-establish your credit rating
re-establish your credit rating
If you've experienced previous bad credit, CCJs, Defaults, Arrears etc then
attempting to obtain credit even after several years can be very frustrating. This
is because loan and finance companies use Credit Scoring and Credit
Searches to asses the risk you represent in offering you a loan. These reports
contain details of your financial past, revealing any previous poor credit you may
have had. Worse still the more you continue to apply for credit the more credit
searches are being performed.
The loan and finance companies actually decrease your credit score based on
the number of previous credit searches you have had. It's a vicious circle!
So what's the solution? Firstly once you have been declined credit from one or
two companies, STOP applying, avoiding multiple credit searches. Next why not
obtain a copy of your credit file. The information being held on your file may be
inaccurate and can be amended, and even if it's not at least you'll know why you
are being refused credit. You can obtain a copy of your credit file from credit
reference agencies such as Experian & Equifax or online from Check My File
starting from £6.95.
Car Credit and Finance UK
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Also if you have never had any previous credit this can also make it difficult to
obtain a loan or finance for the first time. This is because loans & finance
companies have nothing to base their decision upon. To overcome this you can
start by obtaining a smaller loan from your bank although it can take time for
this to build your credit rating. Should you need a larger loan e.g (Car or Van
Purchase) you may need to apply to specialists like ourselves.
We will take your application only to appropriate lenders that will accept younger
customers wishing to establish a credit rating for the first time, and that will
consider applications from customers wishing rebuild their credit following
past difficulties.
obtain a loan or finance for the first time. This is because loans & finance
companies have nothing to base their decision upon. To overcome this you can
start by obtaining a smaller loan from your bank although it can take time for
this to build your credit rating. Should you need a larger loan e.g (Car or Van
Purchase) you may need to apply to specialists like ourselves.
We will take your application only to appropriate lenders that will accept younger
customers wishing to establish a credit rating for the first time, and that will
consider applications from customers wishing rebuild their credit following
past difficulties.
