What credit score do you need for car finance?

There is no “minimum score” for getting car finance, as different lenders use different credit reference agencies to retrieve your credit score, and each credit reference agency has a unique scoring method, so your score will always be different.

How likely am I to be accepted for car finance?

Car finance companies will review your application and assess your personal details, address history, details of your income and credit history. If you have poor credit history, or your income doesn’t appear to allow for you to pay off the debt, you’re less likely to be accepted.

Why have I been declined for car finance?

There are a few reasons you may have been declined, but the first place we’d recommend to check is your credit score, a low score means you’re less likely to be accepted. A poor credit history could also be a factor.

Can I Get Credit?

How much would you like to borrow?

Can I Get Credit For Car Finance?

Getting your next car on finance allows you to spread the cost of the car over a couple of months or a few years, this is often the most common way for customers to purchase their dream car. Even if you are undecided on whether finance is the best option for you, it can be useful to know how much you would be able to borrow for your next car. Our simple credit checker allows you to make informed decisions and budget accordingly without the impact of a hard check on your credit file.

Does my Credit Score Impact Car Finance?

When it comes to purchasing a car through finance, your credit history becomes an essential factor to ensure you are getting the best deal possible. This is because your credit score is a calculation that emerges from your borrowing history alongside other factors that reflect your identity and stability, such as your status on the electoral roll.

Our online tool, determines the type and amount of credit you will be approved for before you even apply.

Even if your score isn't up to the mark, this doesn’t always mean you won’t be eligible for finance! Your credit score isn't the sole determinant of your car finance offer. Other elements come into play, like your income and expenditure, the deposit amount, and your debt-to-income ratio. Plus, it's necessary to remember that all lenders have different criteria for lending.

Finance Explained

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Car Finance with Poor Credit

How to Improve Your Credit Score

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Improving Your Credit Score with Car Finance

Consistently making your car finance payments, and even making early payments, can have a positive impact on your credit score over time. Early payments demonstrate your commitment to paying off your debt and can help boost your credit rating. Additionally, having different types of credit, such as a car finance agreement, on your credit report can diversify your credit mix and further improve your credit score.

Impact of Car Finance on Your Credit Score

When you apply for car finance, the lender will perform a soft credit search to assess your eligibility. If you proceed with the finance option, a hard credit search will be conducted, which will be visible on your credit report. It's important to note that if your application is declined, it may temporarily negatively impact your credit score. However, if you're approved and make your payments on time, your credit rating can actually improve. Demonstrating your ability to manage your finances responsibly can have a positive impact on your credit score.

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