Expert's credit score car finance advice to 'help with future loans'

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There are all sorts of benefits to having a good credit score, from being able to access better borrowing terms to having a higher chance of being accepted for a loan

A recent survey indicates that individuals in Great Britain are the least likely in Europe to consider their credit score. Indeed, nearly half of adults are unaware of their current financial rating.

It's crucial to understand that while this is a high-value purchase on credit, there are other ways to improve your credit score such as registering on the electoral roll. "In this scenario, a car loan can kickstart your credit profile, making it easier for you in the future to obtain other forms of credit. In fact, length of credit history is an important factor in the eyes of a lender, and it can actually makeup 15% to 20% of your credit score."

Show financial responsibility In line with the above, making your monthly payments on time and building a positive payment history through car finance can demonstrate financial responsibility and creditworthiness. Jonathan stated: "Successfully managing a car loan will show that you're a reliable borrower. It indicates that you're able to meet deadlines and respect agreement terms, meaning you aren't a risk to credit lenders.

 

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