Dream Car To Go

You need a prime credit score (of at least 680) to buy that new shiny car with a car loan. But this can be achievable for those with a half decent credit rating.  If your credit rating needs a little work, take some simple steps to improve it.  With 43% of the entire adult population in the US having an auto loan debt, this really is the new way to own the car of your dreams now. This includes a payment option which can be finance (a level of credit rating will be required).  Whatever your dream wheels, BMW or Lamborghini, what a great enhancement to your life this will be. 

Simple steps to improve credit rating

You may think it should improve your credit score if you’ve never taken any credit, however, this is not the case as there would then be no history of your payment schedule and no information regarding the regularity of your payments. It would be likely to improve your credit rating if you joined the crowd of credit card owners, with 7 out of 10 Americans having at least one. The average score in the US is 695, as recorded by the Fair Isaac Corporation (FICO).  Consumers would benefit from being nearer the highest possible reading of 830. A simple step to improve your credit rating is to pay down your total debt as a high total debt is thought to increase your risk of default and, therefore, lowers your credit score.

Other tips to improve your rating

Always ensure your payments are consistently paid on time, missed or late payments can cause havoc with your credit score. Advice is to set up direct debit payments to automatically pay at least the minimum payment each month to your credit accounts. You can then make additional payments as paying the minimum payment will not lead to clearing the accounts in a sensible timeframe and it is especially bad news if you are paying interest on the credit balance. Another tip is to remove negative accounts on your credit file e.g. if there are mistakes you can challenge this and have the negative reports removed. Never fill up your credit cards to the limit of credit available as this lowers your credit score. Always aim to keep a minimum of a third of the total credit available.

Sensible finance for fun car times ahead

Following the steps to improve your credit rating you will be likely to seal a great finance deal for your new dream car.  Keep within your affordability level, according to your earnings, and this will be an exciting but practical choice for you.  In addition, your credit rating will be further improved by maintaining the payment schedule on this finance plan.  You may find you have money to spare at the end of each month with no more garage bills on that old banger you replaced.


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