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Get 'credit ready' ahead of the September plate change
Car users are being advised to focus on their credit information ahead of the plate change on 1 September.
Credit information provider, Equifax, are stressing the importance of being 'credit ready' ahead of the switch for those interested in making the most of highly competitive rates for Personal Contract Purchases (PCP) being offered by motor manufacturers on new cars.
2.48 million new cars were registered in the UK last year with 75% of purchases using some form of finance. Equifax Credit Information Expert, Lisa Hardstaff advises car owners to go through the right preparations before next month.
"When someone applies for a car loan the lender will consider the individual's credit history in conjunction with their own lending criteria before they make a decision to provide the loan," says Lisa Hardstaff.
"It will also play a part in new car buyers securing the best rate for their circumstances. So it's worth checking their credit information well in advance of heading to the car showroom".
Changes have been made to the new car loan application process with car finance companies now assessing a range of information about an individual, as well as performing credit checks.
This is because lenders want to ensure that an applicant has been consistently making repayments on past and current agreements. Equifax say that lenders will also be interested in what other financial commitments they already have.
"We suggest that anyone planning to make the most of the new car finance deal obtain a copy of their credit report," added Lisa Hardstaff.
"Doing this before heading into the showroom means they will be better prepared for any questions when the application is being processed.
"It also means they can avoid any delays in the loan being approved simply because some information on their credit file was not up to date. For example, electoral roll information is used by lenders to verify an applicant's identity.
"If someone hasn't registered on the electoral roll at their current address this could be an immediate hurdle to getting the keys to their shiny new car."
