Car Finance and Your Credit Score

Car Finance with Excellent Credit


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Car Finance with Fair Credit


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Car Finance with Bad Credit


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Representative Example

Cash Price£16,551.73
Deposit£1,578.78
Term49 months
Payment£367.83
Amount of credit£14,972.95
Fixed Interest4.99%
Representative APR10.62%
Total Charge for credit£3,449.86
Option fee (included in total charge for credit)£399.00
Total Amount Payable (Incl. Deposit)£20,001.59

We are a credit broker and a lender. We can introduce you to a limited number of lenders and their finance products. We will provide details of products available, but no advice or recommendation will be made. You must decide whether the finance product is right for you. We do not charge you a fee for our services. Lenders may pay commission to us (either a fixed fee or a fixed percentage of the amount you borrow) for introducing you to them, this may be calculated in reference to a variable factor such as (but not limited to) the vehicle age, your credit score and the amount you are borrowing. Different lenders may pay different commissions for such introductions.

Know your credit score

Your credit score is a vital part of obtaining car finance – and any other form of credit, for that matter – not only as it will help determine whether you get accepted, but also your overall costs if you are.

While some may think you always need a strong credit score to get car finance, this isn’t true. Motorists can get credit on a car with a range of different credit ratings.

It’s correct that your credit score makes a big difference when applying for finance, but your general affordability is also a prominent factor.

Sticking with the former, it’s always healthy to be aware of what your credit score is. Knowing your credit score gives you a good indication of how easy or hard it will be to obtain finance, and what kind of rates you will get if you do get accepted.

The rate of finance offered to you will depend on how big a risk the lender deems you to be – those with great credit scores will get the lowest rates and pay less in interest, while those with a worse off rating will get the opposite, as they are seen as more of a risk to lend to.

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Credit Score Q&A

  • What is a credit score?

    A credit score is a rating used by credit firms and lenders to determine your eligibility for finance. Depending on where you check your credit score, this rating can be different, but are typically separated into Excellent, Fair and Bad based on your score (though others such as Good and Poor are also used).


    Not only does it help determine your ability to be accepted for finance, but also the rate at which you will be charged interest – those with better scores will pay less in interest as they are not deemed as a risk to lend to, while those with worse off scores will have to pay more due to their position being seen as more of a risk when lending.

  • How to check your credit score?

    There are several ways in which you can check your credit score - and most are free to do so.


    Companies and apps such as Experian, ClearScore and Equifax all offer sustainable ways of being able to check your score on a monthly, or even weekly basis.


    Each may do credit scores a little differently, with each one working to different numbered scales – for example, Experian goes up to a maximum score of 999, while ClearScore has a max rating of 700. They can also give you tips on how to improve your score or why it isn't quite as good as it could be.

  • What is a good credit score?

    A good credit score will depend on who you check your score with – if you are with Experian or Equifax, something over 650 will be deemed a healthy score, while on ClearScore a score exceeding 500 will be a good place to be.

  • Does car finance affect your credit score?

    Like opening any new line of credit, starting a new car finance agreement will initially lessen your credit rating, as you have taken on more credit than you already had.


    However, as you pay each monthly payment – again, like any other credit agreement – you are showing lenders that you can be relied upon to pay your finance back. As such, this is a good indication going forward and is a key method of increasing your credit score the more you pay off, and on time.

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