Convicted Driver
Credit ratings get the best car deals
Fri, 29 Jul 2005
Motorists are being advised to check their credit ratings before signing up for a loan, to prevent them having to pay more than they need to for a new car.
MyCallcredit has suggested that people may not be getting the best deals by going straight to car manufacturers and dealers who do not always take into account the customer's personal credit history.
A company such as MyCallcredit will give a customer a credit rating between one and five, to determine what type of deal that particular person can expect.
Dealers, on the other hand, are more likely to consider factors such as how many cars are in stock before they propose a deal.
"This can work in your favour if there is a deal on the car you want," says MyCallcredit director Alison Nicholson.
"But it’s always worth checking other sources of finance and your credit rating so you know whether what you’re being offered is a good deal for you."
The research carried out by MyCallcredit revealed Annual Percentage Rates that ranged from zero per cent to 19.9 per cent, so it is definitely worth looking round before jumping into a deal for a new vehicle.
Credit is available for people in all kinds of circumstances if they are prepared to do their research.
Just as bad credit does not necessarily mean you can't get the car you want, a driving conviction does not mean you won't be able to get insured.
Most car insurance providers make provision for convicted driver insurance policies, although infractions like speeding are likely to mean a sharp increase in the cost of your cover.
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