When it comes to searching for new car deals, you want the best one available. Your credit rating will affect this ability. The best finance deals available are for those with good to great credit. If you have poor credit, you will find it much harder 0 car finance but not impossible. Here are some tips to prove you are credit worthy.
Save Up a Larger Down Payment
Take some extra time and save up a larger down payment for the car. This not only helps you get a better interest deal, but you will also borrow less for your new vehicle; shortening the term and meaning less money to pay back each month. It will take time to save up some money but this helps with the next tip.
Improve Your Credit Rating for New Car Deals
While saving, take some steps to improve your credit rating and get the best car finance deals available. Look over your credit report and make sure the information is correct. Find out why your credit is bad and work on clearing your debts – or at least catch up with your payments. If there are problems with your report – like information that isn’t true – file a dispute with the company to have that information removed.
Your credit problems may have happened at one point in your life. Place a note on your file for the lenders to see to state the reasons for this, such as losing your job, a divorce or a death in the family.
Have a Co-signer for Your 0% Interest Car Finance
- If you struggle with your car finance or you need a new car now, consider having a co-signer. This needs to be someone close to you and with a better credit rating, while being in employment. Having this type of guarantee is better for the lender, who has someone else to go after should you fail to make your repayments. However, you will need to arrange a deal with your co-signer to make sure you don’t ruin his or her credit in the future.
- It is possible to get 0 car finance deals but it will take time. When searching for new car deals, take some time to save for a larger deposit and fix your credit rating as much as possible to get the best car finance deals.