When looking to buy a car you may likely be considering taking out a loan. After all, not everyone has the money available to buy a vehicle outright. Car finance offers you more flexibility in terms of what you could drive away with. However, loans and financing are always affected by your credit file.
Your credit file is a record of payments you have made on credit with previous companies and agencies. This file, or score, shows future lenders whether or not you can be trusted to pay the money back. But what can affect it?
While it is always a good idea to keep up with payments if you want to keep your file clean, there are a few other ways your score may be affected.
If you’re looking to improve your credit score, the good news is that there are many things you can do to get started. After all, the better your score is, the more chance you have of getting the car loan you want.
Your ability to borrow money to pay for a car is all going to depend on your credit file. Take time to clear your debts, and to take a look through your report in detail. The better your file looks, the more cars you will be able to consider.
If you are looking at taking out a car loan and would like some independent advice from an expert, call Auto Car Loans today on 1300 301 051.
SOURCES
https://www.thebalance.com/improve-your-credit-score-960388
https://www.nerdwallet.com/blog/finance/10-things-that-hurt-good-credit/
Tags: car finance advice, credit report