Advance Car Loans

Be aware! Credit card companies say they are rewarding your credit history by raising you credit limit. This leaves you open to use your credit more and increase you debt. To refuse this increase in of line of credit, simply write or call the credit card company and refuse the increase. They must honour your request.

Not Knowing Your Interest Rates and Fees.

Take the time to find out your interest rates and annual fees. (Fact, did you know that about 85% of your minimum monthly payment is interest?). If you have high interest rates (over 18%), call the credit company to see if you qualify for a lower interest rate promotion. If not, shop around for a lower rate. There are lots of promotions being offered all the time. You wouldn't want to buy a $100 pair of jeans if you can shop around for the same jeans at another store and get them for $30.

Not Valuing Your Credit.

Good credit is a valuable leverage tool when you make large purchases such as a home, car, boat, or furniture. Bad credit may slow down or stop you from buying such necessities and toys. Try to budget your short and long term debt, which in turn, may increase your credit scores.

Stretching Out Instalments To Get Lower Payments.

This payment schedule lowers your instalment payments but increases the amount of interest you pay over time. Thus, increasing the amount of overall payments over longer period of time. Try to pay instalment loans in as short period of time as possible. Be sure to budget yourself accordingly.

Upgrade Your Credit Card To Gold Or Platinum.

Most companies charge an annual fee for these higher status cards. Typically, $50 - $100 per year. Unless you need the extra perks included with the Gold or Platinum cards, try turning these cards down. Rather, keep the use of your credit cards for basic needs.

Do Not Co-Sign.

When you co-sign for someone else, you are not only responsible for your self, you are responsible for the other person you co-signed for. Co-signing also increases your income to debt ratio, which may count against you if you apply for a large car or home loan.

Contact Your Lenders If You Change Your Address And/Or Status.

When you get married or divorced make sure you change your legal status. If you move, update your address information with creditors and the major credit bureaus.

Minimum Purchase Rule.

Some stores require a minimum purchase per transaction. This presents the temptation to spend more money when you don't have to. Avoid putting yourself in this situation and avoid the credit card companies that try to enforce such policies.

Credit Repair.

Can you simply repair bad or no credit? Unfortunately, you cannot. It will take time and patience to repair your bad credit. Having no credit is almost as bad as having bad credit. Most lenders do not approve people that have no credit history. This is because they do not have any credit scores. The good news is that you do not have bad credit. You are already ahead of the game if you have no credit. You just have to develop your credit carefully.

If you have bad credit, this may take more time and effort to repair. The first step in repairing your credit is to get a credit report on yourself. Once you obtain your credit report, make sure the information in the report is correct, including your date of birth, last known address, the list of all your creditors, and of course your full name.

Call the team at Advance Car Loans on 1300 798 873 for the lowest price with a new car discount and fastest delivery on all new cars. We can also provide you access to the best car loans in the country including novated lease, fully maintained novated lease, CHP, chattel mortgage, lease, secured car loan and many other car loan products.