As the September plate change gets closer and closer, many car buyers are counting down the days until they can get their hands on a new 65 plate model to swap for their old car and drive away something new and exciting from the 1st September. But most buyers often forget the practical elements of buying a new car on finance and the measures they can take to ensure a hassle free buying experience.
Last year, 75% of new car purchases were made using some sort of finance with car retailers conducting numerous checks before they agree to the loan to ensure the buyer can meet the finance agreement.
It may seem obvious, but check your credit report and score before applying for finance. Even if your credit history is good and you’ve had no financial problems, check your score to ensure the garage has an accurate reflection on your financial situation. If you have existing credit agreements, try to pay more than the monthly minimum so the garage will see that you are fully committed to the agreement and understand how interest rates work. Try and settle any debts that could be lingering and bringing your credit score down.
Correcting errors on your credit report can also help any problems that may arise. Not all information held by credit companies is 100% correct and small errors such as incorrect addresses may look like false information and can look bad on your behalf. This can also be prevented by registering on your local electoral roll; this is a common check that is conducted by garages to confirm your identity and your address to ensure the information you are giving them is in fact correct.
Do not be tempted to provide false information to better your chance of the finance being approved. Any false statements will be picked up on eventually which could result in you being blacklisted and can cause more financial problems further down the line. Equally, ensure that the garage do not alter your information on your behalf. You have the right to see what information is being submitted to the finance company for your application.
After all this preparation and when you are feeling confident and ready that your application will be approved, make sure you read all of the paperwork thoroughly to make sure you know exactly what you are signing up for. Make sure you understand how much you are paying upfront, what you are paying in monthly repayments, the interest rate and the amount you will be paying overall. You have the right, and obligation, to read and understand all of the paperwork even if this means taking it home to read in your own time before you decide.
Finally, ask! If you have any questions regarding finance or credit, don’t be afraid to ask the relevant person or organisation for some help. By clearing up any queries before you get to the garage, this will ensure that the whole process will go smoothly and you will drive away in your new 65 plate car knowing exactly what you are paying and what you have agreed to.
Stay up to date with all the brand new 65 plate offers we will have in stock by liking our page on Facebook, or come in to one of our dealerships and see what we have on order that could have your name on it!