Getting your finances in order

Getting your finances in order

24 March 2015 Concept Car

Buying a car can be an enjoyable process. With a huge choice of great models to choose from and plenty of exciting technological gadgets on offer, few products are capable of kindling our imagination like a new car.

And yet, buying a car is no trivial affair. For most people, it is the second-most expensive item they’ll ever buy in their entire life – right after their own house. If you’re thinking about getting behind the wheel again, then you’ll need some expert advice to help you make the right decision. To get you started, we’ve selected some of the most important recommendations from across the web.

Why your financial past matter

Buying a car is not just a question of how much money you have on the bank. Typically, only very few customers have enough resources readily available to pay for their vehicle in cash anyway. And even if they did, current interest rate levels mean that taking out a loan may be preferable.

This is why your financial past matters. Even if your current account status may look quite decent, a bank will always request information dating back in time to make a more accurate assessment about potential risks and conspicuous spending patterns. If you’ve had a lot of debt in the past, missed some payments or even gone bankrupt at some point, you could end up being rejected despite recent improvements.

Expert advice

You can, however, do quite a lot to convince banks nonetheless. Here are some of the best recommendations given by experts on the topic:

  1. As suggested by CBS News, you should try to keep the price of the car down at all cost. Although some claim that it is easier to get a loan for a new car, you should always keep in mind just how much value a new car loses in its first three years. By going for a second-hand model, you can significantly improve your chances of success.
  2. As economics magazine Forbes puts it: Get your hands on your credit report. Your credit report, after all, is an important document in a bank’s decision making process and can occasionally make the difference between being able to buy a car or not. Although improving your rating at a short notice will prove to be difficult, you can at least verify if all the information in your report is correct and ask for a correction if it isn’t.
  3. As a recent article on the Ready for Zero blog rightly stresses, your credit report is not the only document that banks will look at. By getting your finances in order, you can prove that you’ve changed and are now ready to take on responsibility. Your account status is one part of this, but so, too, is securing a stable income and getting rid of debt. It obviously also helps to always have all the necessary documents available at all times.


Obviously, these suggestions may not be possible for everyone. And even with the best intentions, you may not be able to sway a stubborn bank manager. Which is why we at Concept Car Credit focus specifically at those with a damaged credit rating or anyone who’s experienced financial hardships in the past. And it is also why you’ll find not just old cars in our showroom, but actually some of the most attractive models currently available. Curious? We’re happy to hear from you and respond to any of your questions.

24 March 2015 Concept Car