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Car finance question, after BR
matilda.cs
Posts: 260 Forumite
Hello,
My partner went BR in May 2013, so her 6 years will be up in a couple of weeks.
She currently has a car on finance, but because it was purchased when she had a BR showing, its a higher rate of interest than we would have liked. Also, the vehicle is a bit bigger than we now need. A Diesel Vauxhall Zafira so not cheap to run.
In a fortnight when the BR drops off of her credit report, is it realistic to think that she will have more options available to her to gain credit?
We currently owe a similar amount to what the car is worth, so would like to trade our car in and get something newer, smaller and cheaper to run.Obviously this depends on our chances of getting finance at a better rate...
So, is it realistic to think that her credit options will instantly improve after the BR drops off?
My partner went BR in May 2013, so her 6 years will be up in a couple of weeks.
She currently has a car on finance, but because it was purchased when she had a BR showing, its a higher rate of interest than we would have liked. Also, the vehicle is a bit bigger than we now need. A Diesel Vauxhall Zafira so not cheap to run.
In a fortnight when the BR drops off of her credit report, is it realistic to think that she will have more options available to her to gain credit?
We currently owe a similar amount to what the car is worth, so would like to trade our car in and get something newer, smaller and cheaper to run.Obviously this depends on our chances of getting finance at a better rate...
So, is it realistic to think that her credit options will instantly improve after the BR drops off?
0
Comments
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She should check her credit file first and check that there's nothing untoward on it. Check out the sticky post above.0
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That depends on whether she has a) done a credit file clean up and is happy everything is in order and b) all finances have been managed impeccably since she went BR.
If both of the above are the case - then once the credit files update (which can take a few months) she may be able to find a better deal.0
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