Credit score and bike finance

[Quackerzakieee]

Hi all just looking to see if anyone knows how likely it is to get finance for a new bike my credit score is 797 which is in the upper end of the fair band

Any help appreciated 

[husoi]

Install clearscore in your phone and check what it says.

Alternative is credit karma of the credit monitor from moneysupermarket, both have phone apps

 

Depends what the 797 refers to, if it is out of 1000 you won't be too bad for finance.

[Quackerzakieee]

I use experian its out of 999 so hopefully with a bit of luck will have a shiny new blade or z900 in 4 or 5 months lol

[Gerontious]

47 minutes ago, Quackerzakieee said:

I use experian its out of 999 so hopefully with a bit of luck will have a shiny new blade or z900 in 4 or 5 months lol

 

If you have any current debts being paid.. make big efforts to pay them off, or reduce them as much as possible. especially credit cards.

[Quackerzakieee]

Yeah got no debts pretty much got an old load which I'm paying off tomorrow then thats it 

[Stu]

Credit scores are irrelevant and mean nothing 

 

They want to see you have no CCJ's missed payments bankruptcy IVA's and they want to see that you are a good payer and that you can afford it 

[Bender]

Check out bank loans, over 7k ish the rate drops right down, way lower than finance, and if you don't need it you can pay it back off what you borrowed  

[daveinlim]

You're credit score is probably good enough for what you need.

Make sure you're registered to vote at your current address. That s huge bonus to your score. 

Clear any debts if you can. 

Don't apply for any other finance in the 2 months before you apply for the loan.

 

Check your credit history is correct. You'd be suprise how often this is wrong.

 

Check out high street banks. Many of them have loan rates about 3 to 3.5% for loans of 7.5k and above. That way the loan isn't against the bike which would make it easier to sell as there's no official outstanding finance on it. 

 

If you're buying from a dealer put the deposit down using your credit card, say £200 or something. It gives extra cover to you in the case of a fault and for the entire price not just the deposit.