In the financially unstable climate that we currently live in, obtaining a car through finance is often a more viable option than the prospect of buying a car outright. New research from Statista revealed over two million cars were bought on finance in the UK between September 2021 and September 2022.
If you have been declined previously - or are looking for some advice on making your first application - here are five tips for submitting a strong car finance application. Top Money Stories Today Do your research Before committing to a car finance application, do a little digging to find a car finance option that best fits your financial situation.
Jo adds: “If you don't have a regular income or currently have a provisional licence, consider making a joint application with someone who has. If they’ve got a good credit score, you’re then more likely to get approved as the lender will see them as a viable fall-back option if you were to miss payments.
“One of the easiest ways that you can use your credit card to improve a bad credit score is to make small, everyday payments on your credit card and pay them off straight away. By regularly spending on and paying off your credit card, you are helping to show lenders that you’re a responsible and reliable borrower.
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