How to lower your car finance payments

Many people choose to take out car finance with us because they can’t afford to pay full price for their next car right now. That’s what makes car finance so easy, you split the cost of the car you want into affordable monthly payments! But how can you get best car finance deal for you and be offered the lowest monthly payments? Let’s find out…

Better credit means better rate, right?

Having a better credit score can mean that you will be offered a better rate. But if you’ve stumbled across our blog on the Refused Car Finance website then you may be looking for car finance with bad credit. Not to worry, there are a few easy ways in which you can help get a better car finance rate or lower your monthly payments

1. Check your credit file first

Regardless of having good credit or bad credit, it’s always worth having your credit file in the best position possible before applying for car finance. Before applying, you can check your credit for free using several reputable credit referencing agencies. Each credit referencing agency is different. Our internal system pulls through your Equifax credit score upon application. We recommended that you use ClearScore as they are powered by Equifax and then you can see what we see! You should make sure that all the information listed on your credit reports is accurate and up to date. Even having the wrong address can affect your credit score. You can report any inaccuracies to the credit referencing agency that provided your credit report.

2. Register on the electoral register.

Being on the UK electoral roll enables lenders to verify your address and that you are who you say you are. This can help to speed up the approval process and check your identity. It can also have a positive affect on your credit score and it’s important that you keep your information on the electoral roll up to date.

3. Make regular payments on time and in full

Rebuilding your credit score can take time but making regular on time payments is one of the best ways to help increase your credit score. It shows future lenders that you can be trusted to pay back your car finance.

Rebuilding your credit score can take time but making regular on time payments is one of the best ways to help increase your credit score. It shows future lenders that you can be trusted to pay back your car finance.

4. Get more out by putting more in

Having a car finance deposit can help to lower your monthly payments. Having a deposit to put down for your hire purchase car finance deal is a great way to cut down how much you will pay overall. It can also show good financial responsibility and make you more favourable to potential lenders.

5. Let a car finance broker to do the work for you.

A car finance broker such as ourselves can help you get lower monthly payments. We work with a range of trusted finance lenders and act as the middleman between you and the lender. We process your application and then send it to the most suitable lenders for your circumstances and match you up with the best deal offered. We work with a range of lenders who offer many different types of finance packages.

A car finance broker such as ourselves can help you get lower monthly payments. We work with a range of trusted finance lenders and act as the middleman between you and the lender. We process your application and then send it to the most suitable lenders for your circumstances and match you up with the best deal offered. We work with a range of lenders who offer many different types of finance packages.

6. Refinance your current loan.

If you already have a car finance agreement, you could consider refinancing your loan to get a better rate. If you sorted your finance through us or not, we can help you get matched up with a suitable lender who can refinance your current deal. Many people with bad credit use their car loan to make regular monthly payments and then when it comes to refinancing, they are in a better financial situation to be offered a better deal. Refinancing a car loan allows you to reduce our monthly payments, reduce interest rates and shorten or lengthen the loan term.