Check Your Rating For Cheap New Car Finance

With the new 55 registration plates expected to boost new car sales in August, a consumer credit agency is urging motorists to get a credit check before signing up to new car finance schemes.

However according to Alison Nicholson, director of a national credit checking agency, getting a credit check before applying for a cheap new car finance deal could save consumers money.

Ms Nicholson went on to explain that the car finance deals offered by high street dealerships are not always the cheapest. She urged consumers to search elsewhere, including online car sale sites, to make sure they got a good deal.

"It's always worth checking other sources of finance and your credit rating so you know whether what you're being offered is a good deal for you," explained Ms Nicholson.

Credit checks are available online and cost around ?10. Once applied for they generally take around a day to be compiled, and are delivered using a system of star ratings.

The ratings go from one star to five. One star suggests that you will have difficulty obtaining credit, and where it is offered it will generally be with higher interest rates.

A five star rating though indicates that you are unlikely to be turned down for credit and may be able to take up the cheapest new car finance deals on the market.