Whether you are worried about how you will obtain car financing with bad credit or how it will impact your car buying experience, then please keep reading. Here at Infinity Finance, we believe that everyone should have the option of buying a safe and reliable car, which is why we have put together some top tips for improving your credit rating.
First things first, it is important to be aware of your credit score and how it will affect you before you try and seek out a car loan. While your record can’t be improved overnight, there are still a number of steps you can take to improve it for the future.
Consistency is key!
- Always pay your bills on time, and always pay as much as you can afford – not just the minimum. Late payments can be detrimental to your overall credit health
- If you have a number of credit sources available to you, stick to using just one and work towards eliminating the balances for the rest
- Where possible, reduce the amount of credit sources that you use. Paying off and avoiding further use is a great way of building your credit score positively
- Don’t have old credit history removed from your report – if the debt has occurred and you paid if off and moved on, this is classed as good debt. Good debt is a positive part of your credit history, so leave it be
- Unexpected changes in your use of credit, lower payments than usual and applications for additional credit could indicate that you are having financial troubles. Avoid using credit cards in these situations to avoid the risk assessment
- Use your available credit responsibly and pay your bill consistently, and your credit score should improve with time
When it comes to buying a car, you will usually fall into one of two groups; the “I want a new car” group, or the “I need a new car” group. When you have a poor credit history, it can be much harder to find the money to buy a new or even used car from a dealership.
However, when you apply for car financing with bad credit with us here at Infinity Finance, it could not be easier. We take applications online and over the phone, and our team is on hand to help with friendly and useful advice.
Improve your chances of securing car finance with Infinity by building on your credit score on a day to day, month to month basis, and you will soon be reaping the rewards.