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What is a credit rating? Who can help with bad credit car loans?

Posted 12th November, 2014 in Finance Tips

If you have ever been responsible for paying the bills or signed up for a mobile phone contract or credit card – believe it or not, you have a credit rating.

You could be forgiven for thinking that a credit rating (also known as a credit score) is just another Americanism that we hear on TV and in movies from time-to-time, when in fact, Australian banks and lenders do use credit ratings to help determine whether to lend you money.

If you have ever applied for the following, you guessed it – you have a credit rating!

  • credit cards
  • loans, such as a personal or business loan
  • a mortgage
  • a mobile phone or internet plan
  • interest-free store loans
  • store cards
  • utility accounts with payment terms of at least seven days.

What’s in my credit file?

Your credit rating is part of a larger file contains information such as:

  • any overdue debts
  • credit enquiries made by you in the last five years
  • the number and type of lenders you have approached for credit
  • the types of credit you have requested personal contact information, such as your residential address.

Will my credit score impact my chances at finance?

Because your credit file documents your credit history; any outstanding debt could be enough to scare the banks off.

How NuStart Finance can help with bad credit car loans?

If you’re worried that past credit issues could get in the way of your finance needs, chat to the team here at NuStart Finance. Our expert finance consultants are experienced in helping people with less than perfect credit and will work harder to find finance that works for you.

To get the ball rolling, complete our quick online pre-approval form, or call 1300 883 983 today!

Credit information courtesy of Veda.

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