Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

CREDIT REPORT SERVICES AND ONLINE EXPERT HELP ARE FULLY OPERATIONAL - PHONE LINES ARE CLOSEDCOVID-19 STATUS

ONLINE SERVICES FULLY OPERATIONAL
PHONE LINES ARE CLOSEDCOVID-19 STATUS

How to Get the Best Deal When Buying a New or Used Car

Posted by Kevin Pearce in Personal Finance on 11 January 2018 - Kevin is a Senior Credit Analyst at checkmyfile

Buying a new car is both exciting and expensive, but if you know where to look and when, you can grab yourself a bargain. If you take a little time to look into finance or loan deals as well, you can bring down the overall costs significantly.

There’s no secret to getting the best deal on a new or used car, just some carefully-considered preparation and making sure you do your homework well in advance.

Buy at the right time of year for a cheaper car

For some people age is much more than just a number and the difference between a car that’s come out early in the year and later can make a big difference.

Ask yourself this: If you were shopping for a brand new car would you rather pick up something that’s come straight from the factory or an identical car that’s been sat there for up to six months? Even if the cars are the same spec, style, year and colour, most people would rather go for the ‘newer’ new car, which is why you can often get a good discount on the outgoing number plates.

New number plates are released every March and September so the best deals on the outgoing number plates can be had before this time (February/ August). Dealers want to free up space for the newer plates but buyers want something new, so this that’s why you’re more likely to save big around this time. The only real disadvantage of buying an ‘old’ plate against a ‘new’ one is that you may find that your car starts to depreciate in value sooner.

What about used cars?

The same seasonality applies for the used car market; there’s a surge in new car sales when the new plates come out, which means plenty of people want to part ways with their current car, so you’ll find plenty to choose from that’s been part-exchanged at the dealers.

How do MOTs come into it?

Once a car is three years old, it is required by law to pass an annual MOT test to ensure it’s safe for the driver and other road users. Most cars should have no trouble passing their MOT, but for many motorists the extra hassle of taking their car for an MOT once a year is too much to handle and take this opportunity to sell the car.

For this reason a car loses a chunk of its value once its reached MOT age, making it ripe for the second hand market. If you’re happy to buy a car that’s still young but has perhaps lost the ‘new car smell’ these can be a good option- in many cases you’ll be saving money on something which is still available to buy new from the dealerships.

For owners of older vehicles, an upcoming MOT can be a good reason to think about buying a new car, especially if they think any repairs are likely to cost more than the overall value of the car.

Get a great car by waiting for an unpopular time of year

Going against the market trend can also help when it comes to saving money; convertibles sell well in summer because it’s easy to sell a drop top when the weather’s warm. The dealer knows that, so they’re less likely to budge on the price. Buying the same car in winter means you’re more likely to be able to haggle them down to a reasonable price; they’d rather take the hit than risk not finding another customer for several months.

The same reasoning applies to 4x4s, which are in their element during the winter months: they’re less likely to sell during the summer, so there are more bargains to be had then.

Even the day on which you visit the dealership can help - weekdays are generally quieter and the dealer is more likely to be flexible if it means securing the sale in a quiet period. You will also get more of their attention and be able to spend more time digging into the car’s history.

Getting the best finance deal or loan for a car

Getting the price of a car down to a reasonable price is only half the battle. Unless you’re planning on paying off the sticker price in one payment, you may need to secure extra credit to pay for your car.

Going for dealer finance is a popular option for a lot of people just because it’s there and can be done on the spot. What most people might not realise is that you’re welcome to try and finance from alternative, such as a bank loan. Dealer finance is often sold at a higher rate of repayment than a bank loan, which means you end up paying more overall, however you might find it easier to secure than a loan.

To get the cheapest loans (in terms of the APR charged), most lenders will need proof of your ability to repay credit you’ve borrowed. If you’ve got a credit card or a mortgage that you’ve been reliably making payments on, and no adverse information, this should be enough to show any prospective lenders that you are exactly the kind of customer they’re looking for.

Even if you don’t have a spotless credit rating, it’s vital that you make sure there aren’t any incorrect entries on your file that could prevent you from getting the credit deal you want. Arrears appearing on your credit file could put the brakes on an application - something that would be even more frustrating if the information has been lodged in error. It’s not common, but it does happen.

Ensuring that your credit file is optimised is essential for obtaining the best finance deals. A poor credit rating will mean higher repayments, or even being declined completely.

You can check your credit rating at any time with checkmyfile - try free for 30 days and then £14.99 monthly - cancel anytime.

Finally, remember that if you do manage to get the finance you need to buy a new car – regardless of the specific option you go for – the credit agreement will show on your credit file and be visible to lenders very shortly after you get the keys.

It’s crucial that you make all the necessary repayments on time, or not only could you lose your dream wheels, but your credit rating could also take a hit.

Why a good Credit Rating is a bit like a VIP theme park pass

Getting approved for a new credit card or loan could be about to get more difficult, as lenders tighten their belts in response to the coronavirus pandemic.

Published on 20 May 2020 by Richard Catlin

Full Article

Virtual House Viewings for the self isolating home hunter

Virtual house viewings are soaring in popularity among house buyers as the UK government brings in tough measures to curb the spread of Covid-19. Among these changes is a shift towards reducing the size and number of social gatherings and a requirement for people to only leave their homes if absolutely necessary. Entire industries are entangled in the coronavirus’ grasp and these protective measures, while rightly designed to diminish the impact and spread of the virus, will inevitably have a knock-on effect that goes way beyond socialising.

Published on 14 Apr 2020 by Sam Griffin

Full Article

Can you still get a credit card during coronavirus?

Credit cards are increasingly in demand as the coronavirus pandemic develops across the world. Since the start of March, UK Googlers have been searching for ‘credit’ at rapid rate and it’s no surprise why. Workers across the country are finding their employment and income uncertain amid the financial challenges posed by Covid-19. Many will inevitably lean on credit and financing for a little more purchasing power during this period of uncertainty.

Published on 7 Apr 2020 by Sam Griffin

Full Article

Statutory Sick Pay: What you can get

Recent health concerns in the UK are starting to worry workers – and that’s putting it mildly. Pandemics and tumbling stock prices are rarely good for business and, where businesses struggle, often so to do the personal finances of workers. But what happens if you fall ill in the middle of all this?

Published on 19 Mar 2020 by Sam Griffin

Full Article

Lloyds and Nationwide to offer coronavirus mortgage payment holidays

Lloyds Banking Group – which includes Bank of Scotland and Halifax – is just one lending organisation that’s offering to help ease financial pressure on customers impacted by the recent coronavirus (Covid-19). Mortgage payment holidays are the most talked about measure, but there’s a host of other measures for renters and credit card customers too. Worries over debt repayments are understandably widespread, as the virus continues to damage not just the health of workers across the UK but businesses and share prices overall.

Published on 19 Mar 2020 by Sam Griffin

Full Article

Everything you need to know about buy now pay later

One of the latest trends in retail is the growing popularity of buy now, pay later schemes. The premise of buy now, pay later is exactly as it sounds, allowing shoppers to delay and stagger payment for a product that they can take home immediately.

Published on 2 Mar 2020 by Andrew Brown

Full Article

Child maintenance court records to show on your credit report

Since March 2015, The Child Maintenance Service (CMS) has been sharing information with the UK’s Credit Reference Agencies. This means missed Child Maintenance payments can be flagged up on a late payer’s Credit Report, potentially harming their Credit Rating and making a successful credit application – whether a mortgage, credit card, or loan to name a few – even more tricky.

Published on 20 Jan 2020 by Kirstie Brown

Full Article

How Far Back Can I get my Credit History?

For your recent payment history information, your Credit Report has everything you need; that’s why it’s given so much importance by lenders whenever you apply for credit. But if you’re looking for information that’s six years old or more, it’s probably not be the best place to start.

Published on 10 Jan 2020 by Jamie Mackenzie Smith

Full Article

Blue Monday: The Most Wonderful Time of the Year

Once Christmas is done and dusted, tree packed away or sent for shredding, and decorations retired for another year, a powerful mindset seems to swiftly grip the UK, leaving everyone convinced that January is the worst time of the year. The Christmas spirit has floated out the window as quickly as it arrived, and we’re left with cold, rainy days and the inevitable mountain of credit card bills.

Published on 2 Jan 2020 by Sam Griffin

Full Article

Do New Year's Resolutions Work?

Before launching yourself into a New Year’s resolution, it’s worth treating the age old tradition like any other product or service – check out reviews from people that have already tried it, see if it’s worth the effort and – crucially – find out whether or not it will actually work.

Published on 24 Dec 2019 by Sam Griffin

Full Article
keyboard_arrow_left

keyboard_arrow_right

We are rated number 1 for customer service on