If you are planning on buying a new car in 2013 it is very likely you will be taking advantage of consumer car finance to fund the purchase. Data released by the Finance and Leasing Association (http://www.fla.org.uk) for October 2012 showed 70% of new cars bought in UK dealerships by private car buyers were part or wholly funded through car finance. With 1 million new cars set to be sold to retail customers in 2013 that is an awful lot of car finance!
Given the importance of car finance it is vital UK consumers fully consider their options including car leasing, hire purchase and car loan. Being clear on what you can realistically afford before starting your search for that perfect vehicle reduces the risk of disappointment when you do find the car you want.
Your credit score dictates whether you will be granted finance, how much you can borrow and the competitiveness of the terms offered to you. Most new car buyers spend a lot of time online deciding what car they want before visiting a dealership; are you spending enough time doing the same to understand your likely credit score?
The internet is the perfect place to research new car finance deals and compare funding options. If you do request quotes online or over the phone make sure a full credit application is not being performed without your express permission since recent and frequent credit applications on your record may adversely affect you when it comes to making buying decisions.
Years at current address, years with current employer and repayment history are key factors used to assess your credit risk. Stability is what finance providers are seeking so if you’ve moved around a lot, changed jobs frequently and / or missed payments on previous credit arrangements you are less likely to qualify for the most competitive finance rates a provider may be advertising.
Financeacar.co.uk is the market leader in matching the cheapest car price and the best finance from top lenders to create unbeatable monthly deals.
Financeacar (http://www.financeacar.co.uk) allows personal and business users to quickly compare vehicle costs and submit an online credit application that will not leave a mark on your credit record.