The new 13 registration plate will hit the roads on 1st March and whilst superstitious car buyers might want to skip the number 13, it’s still expected that there will be some great new car finance deals on offer to encourage buyers into the showrooms. To make the most of these deals, Equifax, the online credit information provider, is advising car buyers to make sure their credit status is looking its best before they book their test drive.

“New car sales in 2013 have taken off strongly with industry experts highlighting the economic downturn as a key factor” said Neil Munroe, External Affairs Director, Equifax.  “It’s believed some motorists might be opting for a new car to make the most of more fuel efficient technologies to combat rising prices at the pumps.  And the Society of Motor Manufacturers and Traders (SMMT) has said the focus might have shifted to buying a new car instead of moving house.

“Whatever the reason, the car manufacturers are coming up with strong finance deals to get motorists buying the new 13 plate.  But to be eligible for one of the many finance deals on offer it is essential that a car buyer’s credit history is in the best possible shape.”

Lenders make checks with credit reference agencies to see whether an applicant has kept up to date on repaying their credit. They also use a “credit scoring” system to decide whether or not to lend to consumers – and in some instances – at what price.  Therefore, the better an individual’s credit score, the better the rate they may get, helping them take advantage of the best deals on the market.

“We think it’s really worthwhile budding new car buyers obtaining a copy of their credit report before they apply for finance.  Once downloaded, it can be checked on the handy Equifax app” adds Neil Munroe. “That way motorists can make sure their credit status is looking its best before they make an application.  And the better their status, the better finance or loan deal they should be able to negotiate.”





•  Ensure you are registered on the Electoral Roll.

•  If possible make more than the minimum payment on credit agreements every month.  This will build a positive payment history.

•  If you have paid any County Court Judgments, make sure the settlement is recorded on your credit file.

•  If you have been refused credit, obtain a copy of your credit report.  DO NOT carry on applying elsewhere. 

•  If your circumstances have changed then say so.  You can place a Notice of Correction on your credit file explaining your financial situation

•  Avoid carrying a balance that is more than 30% of your credit limit (creditors may view it as excessive debt and that you may not be able to keep up with repayments).

•  Close it down – Make sure any accounts you don’t need or use are closed


By Tim Barnes-Clay, Motoring Journalist Twitter @carwriteups

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