Finance Q&A - Credit Status

Does voluntary termination affect my credit score?

I can't afford to pay for car finance anymore and want to terminate the contract as I'm 50% through. Though I'm unsure whether my credit score will be affected?

Emily

Answer from the Stoneacre finance team:

It could show up on your credit profile, however, it shouldn’t have a negative impact as is the case with arrears and bankruptcy. If you’ve paid off at least 50% of your monthly payments, plus fees and interest, rather than leaving car finance unpaid, it is also a good sign for the lenders that you can be trusted with repayments, even in critical situations. 

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