In these cases, commission levels vary based on the levels of work required to be undertaken by us and the motor retailer. We may also be paid, and pay the motor retailer, higher commission depending on the type and age of vehicle or based on the finance product you are provided with.
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In both cases, we will pass a proportion of the commission paid to us to the motor retailer that introduced you to us.
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The amount of commission we receive and pay, and your credit profile, will impact the amounts you pay under your credit agreement. We will always introduce you to the most suitable finance lender offering you the most appropriate finance product for your needs, and at the best interest rate possible (which is determined by the finance lender) based on the commission we are paid and by your credit profile. We may also be paid a fixed rate of commission, calculated as a percentage of the amount of finance. When you are introduced to us by a motor retailer, we may be paid a flat fee, regardless of the interest rate you pay, finance product, length of agreement, or amount of finance. The commission arrangements we have in place vary, depending on how you are introduced to us and with which lender we are able to place you with. Whichever lender we introduce you to, we will typically receive commission from them (either a fixed fee or a fixed percentage of the amount you borrow). We do not charge you a fee for our services. You must decide whether the finance product is right for you. We are not an independent financial advisor we will provide details of products available, but no advice or recommendation will be made. While it won’t tell you for certain if a finance company will offer you a loan, it will give you a good indication, and it won’t appear on your credit history.We can introduce you to a limited number of lenders and their finance products. Initially, an eligibility check, or ‘Soft Search’, is a much better idea than a formal application. If you have a low score and frequently get declined, this can severely affect your score in a negative way. The more applications you put in, the more ‘Hard Searches’ will be done on your credit score. Small steps are the best ways to gain the trust of the lenders! This may seem obvious, I know but even making sure you pay a phone bill every month or pay off a credit card (if applicable). Being registered won’t transform your credit rating, but it does help and it’s easy to do.
![car finance car finance](https://cashnowonlinea.com/wp-content/uploads/2018/03/Auto-Financing0-780x405.jpg)
If you’re registered on the electoral roll, it makes it easier for finance companies to carry out these checks. Finance companies look at this when they perform credit checks to see if your name and address match up. If you haven’t already, make sure you register on the electoral roll.
#Car finance for free
You can access a copy of your credit report for free from Experian, Equifax or Callcredit. It will give you an idea of where you’re going wrong and what you can do to improve your chances of getting finance. There are, however, ways of getting approved for credit even with a poor credit score, and there are things you can do to improve your score too:Ī credit report is a good place to start, as it will show you in detail your credit history including your overall score. Those with a lower credit score are less likely to get competitive rates and may even be refused a loan by some of the lenders. Poor credit history can severely affect your chances of securing any sort of loan/financial service.