Buying a new car can easily deplete all your savings and put you in a financially disadvantageous position. So, it is always a good idea to finance your car and pay off the debt over a longer period. However, it is also very important to get the best car finance deals in the UK to ensure that you can pay off the debt without any problem.
There are several car finances companies in the UK, but not all of them will offer you a good deal. Therefore, you should always search around to find the best deals before applying. Some of these tips will help you find the best car finance deals in the UK.
1. Improve your credit score
Having a good credit history is extremely important if you want to finance your car. Without a good credit score, most lenders will reject your application. So it’s best to improve your credit score before you apply for a car loan.
Moreover, every time a new car finance lender conducts a hard inquiry on your credit history, it will affect your credit score. But FICO credit scoring model allows you to apply for car loans within a 2-week period where all hard inquiries will be considered as one inquiry.
2. Use a car finance broker
Your best chance at getting a good car finance deal is through a car finance broker. They work with the best car finance companies in the UK. So, you can find some of the best rates. You will also find car finance that is within your budget and fits your financial plan.
Moreover, they can also conduct a car finance check to pre-approve you for lenders. So, you don’t have to apply to each lender individually. The broker will handle the entire process.
3. Save money for a down payment
Car finance companies are more likely to approve you for the loan if you agree to pay a higher down payment. If you offer to pay a 20% down payment, you can expect to get a good interest rate.
The interest rate also depends on the term of the loan. So, if you decide to pay the loan back within a year, you’ll have a lower interest than if you pay it over multiple years.
To Conclude
If you are constantly searching for “car finance near me”, then the best option for you is to find a car finance broker. They can easily do a car finance check to pre-approve you for the loan, making it easier to find the best car finance companies in the UK that are offering some of the best rates.
Go to Wheelie Good Finance today to find the best car finance deals in the UK.
Adam Barton is the author of this article. To know more about Car Finance Companies in UK. Please visit our website: wheeliegoodfinance.co.uk
