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Check credit report to maximise chance of approval for car finance

Consumers should check their credit report before applying for a car loan to maximise their chances of being approved, Experian has said.

Consumers should check their credit report before applying for a car loan to maximise their chances of being approved, Experian has said.

It said better deals are becoming harder to find and lenders use credit histories not only to decide whether to approve an application but also to decide what rates to charge.

James Jones, consumer education manager at Experian, said: "Clever consumers are checking their credit reports to make sure that all the information is correct."

He advises anyone about to apply for a loan to check their credit report to ensure it is accurate and up-to-date.

Research published by CreditExpert.co.uk this week revealed that many consumers are not hopeful of being approved for a loan.

Almost a quarter (23 per cent) expected to be refused a loan of £1,000 and nearly double that (42 per cent) do not believe they could secure a £10,000 loan.

The study also showed that only one in four people (26 per cent) can accurately state how much they have left to pay on loans and one in ten has no idea how much debt they are in.

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