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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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The zero percent car loan myth

Posted 12th November, 2014 in Finance Tips

If you’re in the market for a new car, you have probably come across some quirky advertising during your research to say the least.

In an effort to gain your attention and get bums on car seats at the dealership – there has been a noticeable increase in the advertisement of 0% interest car loan.

0% car loans – too good to be true?

We’re glad you asked, but we have some bad news. Yes, zero percent car finance exists but it doesn’t exactly benefit the buyer (that’s you!).

If you were to take out car finance at zero percent, you will most likely miss out on any opportunity to negotiate the price of your car. After all, the dealer has to make some profit on the RRP of the vehicle. Sounds a little backwards doesn’t it?

Tips for negotiating zero percent finance

Focus on the long-term cost of paying market rate finance for a car that you have negotiated down to a more comfortable price, rather than the lure of paying 0% interest on a vehicle with a higher RRP.

You might be surprised to learn that you’re more likely to save your hard-earned money in the long-run, if you take out market rate finance on a vehicle that you have successfully negotiated down to a more comfortable price.

Word to the wise

It pays to shop around for a car loan that is catered to your personal circumstances and financial history.

To find out more information about getting great value finance that works for you, talk to one of our friendly, expert NuStart Finance consultants by completing an online finance pre-approval form, or calling 1300 883 983 today!

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Bad Credit Loans

We understand that things can happen in the past, so our aim is to find finance solutions by looking at your current situation & not just your credit rating.

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