Read and discover how to establish a good credit history, buy your dream car on the right loan with the right rate, set up automatic payment plans so you don’t miss any payments and much more!
When you apply for finance to purchase a big-ticket item such as a car, the one thing that will always get checked by the finance house is the status of your credit score. Your credit score is determined by your credit history and your ability to pay back loans on time. It can also affect the amount of credit a finance house will lend you, as well as the interest rate you will be offered on the repayment. Of course, a good credit history makes a big difference for your future.
A GOOD CREDIT HISTORY FOR A YOUNG PERSON
If you have recently graduated and are entering the workplace for the first time, a new or used car to get you mobile might be on your shopping list. However, you probably won’t yet have a credit history if you have not applied for finance, opened a credit card or retail store account card, or borrowed money, even if you are paying off a student loan. Living debt-free, especially in the current economic climate, is a good thing, but ironically it can also impact negatively on your credit score.
“Through our innovative Graduate Finance offering, WesBank knows all about guiding young professionals through the sometimes-complex task of vehicle ownership by simplifying the process. This includes assisting first-time car buyers who apply for vehicle finance but don’t have a credit score. For us, a credit history is not essential if you meet the relevant criteria,”