Every year two sets of new number plate registrations are brought into circulation and this is the time when car sales tend to peak. You might be amongst the thousands in the UK hoping to buy your new set of wheels this month. It’s a great time to buy a new car with dealers keen to meet targets on selling their new models.
This guide includes:
- When do new reg plates come out?
- Things to consider about getting a new car
- I’ve got a less than perfect credit score, will I bet able to get car finance?
- Our application process, and where to get advice
When do new reg plates come out?
In the UK, vehicle registration plates change twice a year, in March and in September. The age identifier is updated to reflect the year: Cars registered between 1 March and 31 August have the age identifier updated with the last two digits of the year itself, whereas cars registered between 1 September and 28 February have the age identifier updated with last digit of the year with a '5' or ‘6’ beforehand.
For instance, a 2017 car could carry either a ‘17’ or ‘67’ age identifier: ‘17’ if it was registered between 1 March and 31 August, or ‘67’ if it was registered between 1 September 2017 and 28 February 2018.
Many new car buyers prefer to wait for either March or September to ensure they have a genuinely ‘brand new’ car. The September sales month is, by some margin, the biggest in the 12-month period.
Should I buy a car with new reg plates?
So, the ’69’ number plates have been introduced – but is it the right time to buy a brand new car? It certainly is appealing to get the very latest model, with the new reg plates that have just come out. But, there are some strong arguments around thinking twice about doing this too, and about opting for a car that’s a few months to a year old instead.
What to consider:
- How concerned you are about your car holding its value – brand new cars aren’t usually considered to be the best financial investment
- Cars that have the previous reg plate (i.e. now the cars registered March – September holding the ’19’ reg instead of ‘69’) will often have recently have their prices slashed, even though they’re still very new and might not have many miles on the clock
- If you decide that a new car is right for you, you might want to consider a pre-registered model, rather than commissioning one brand new. Pre-registered cars are one of the cheapest ways to own a brand-new car because you’ll be classed as the second owner despite the car only having been driven a few miles.
Can I get car finance if I’ve got a less than perfect credit score?
We work with specialists in finding great car finance options for people with bad credit, and they can help get customers the finance they need – even if they’ve had a CCJ. The important thing to us is that you can show you’ve turned things around, and are now getting back on track, meeting payments on time, and will be subsequently improving your credit score.
If you want a car loan, but know that you have a less than perfect credit score, the first thing to do is find your credit report, and see just how bad your credit score is. There are three credit reference agencies, Equifax, Experian and TransUnion, and they all hold information on you. When you find your report:
- Check addresses on old accounts, make sure you’ve not missed any.
- Make sure everything on there is accurate, mistakes can sometimes happen.
- Check that any CCJs or IVAs listed are accurate and correct.
- Cancel unused credit and store cards as even unused cards can count against you.
Our application process
We try our best to find a good solution, whatever the individual circumstance – we can’t lend to everyone – but we try to help where we can.
Our goal is to make getting finance secured in a way that’s stress-free. So, we like to keep the process simple, and keep you informed every step of the way.
- You submit an online application
- We’ll need to see just a few basic documents, for example:
o Your bank statements from the last 3 months
o A copy of your full UK driving license
o A DVLA validation code
o Most recent payslips if employed
- We then review your application and get in touch with you by phone to let you know if your application has been approved.
There’s loads of help we can offer if you want more advice, you can:
- Visit our Help & Advice page
- Use our Finance Calculator to see what you could get
- Take a look at our cars for sale to see what kind of car you could get within your budget
- Try our Online Chat, where we can answer some more specific questions
- Give us a call today, to see how we can help, you can call us on 0800 197 9758