Want better car finance? Follow these 7 steps to improve your credit score
If you’re thinking about buying a new car, or even a reliable used one, there’s one number that matters as much as the price tag: your credit score.
Whether you want to apply for vehicle finance, lower your monthly instalments, or get approved for a loan with better interest rates, improving your credit score is a smart move that puts you in the driver’s seat.
Finance365 is here to help with seven simple, actionable steps you can take to boost your credit score and get closer to owning your dream car.
Why Your Credit Score Matters in Vehicle Financing
Your credit score tells lenders how reliable you are with repaying money.
The better your score, the more options you’ll have when it comes to vehicle finance; think lower interest rates, better terms, and higher approval odds.
A strong credit score can even help you negotiate better insurance premiums, which means savings long after you drive off the lot.
7 Steps to Improve Your Credit Score and Get Closer to Your Dream Car
1. Know Where You Stand
Start by checking your current credit score. With Finance365, you can check your score as often as you like, for free and without affecting your rating.
2. Pay Your Bills On Time
Payment history is the #1 factor influencing your score.
Always pay your accounts on time, whether it’s your credit card, retail account, or cellphone bill.
Even one late payment can impact your chances of getting approved for a vehicle loan.
3. Reduce Your Debt
Try to bring down outstanding balances, especially on revolving credit like credit cards.
Keeping your balance below 50% of your available limit helps show lenders you’re managing your credit responsibly.
4. Don’t Open Too Many Accounts at Once
Opening multiple accounts in a short time can signal financial stress to lenders.
Be selective and only apply for credit when necessary, especially if you’re planning to apply for vehicle finance soon.
5. Keep Older Accounts Open
The longer your credit history, the better.
Even if you don’t use that first retail account often, keeping it open can positively influence your credit score through its age and repayment history.
6. Dispute Any Errors
Mistakes on your credit report can hurt your score.
With Finance365’s credit monitoring, you’ll be alerted to suspicious activity or errors you can dispute, protecting your credit profile before applying for car finance.
7. Be Patient, Stay Consistent
Building or improving a credit score doesn’t happen overnight.
But consistent, responsible credit behaviour pays off, especially when you’re applying for a car loan or financing deal.
Your Score is the Key to Better Car Deals
By improving your credit score, you unlock access to better vehicle finance offers—so you don’t just get approved, you get a great deal.
Whether it’s a new SUV, a fuel-efficient hatchback, or that bakkie you’ve always wanted, your credit profile plays an important role in how easily (and affordably) you can buy it.
With free, unlimited soft checks, real-time alerts, and expert tips, Finance365 makes it easier than ever to stay on top of your credit and make smarter car-buying decisions.
Check your credit score now with Finance365.
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