There is no set credit score that will guarantee you’ll be approved for car credit. But that doesn’t mean you need to give up on finding finance if your score could do with some work. In fact, we’ll look to find you the best deal from our panel of lenders, whether you have excellent, good, fair, or bad credit.
Thanks to our panel of lenders, we can find finance for people with a variety of different credit circumstances, even if you’ve had a CCJ, defaults or been in an IVA in the past. We might even be able to help if you’ve been refused elsewhere.
Find out more about bad credit car finance.
What is a credit score?
Your credit score is just one of the factors lenders use to find out what kind of borrower you’ll be. It’s a three-digit number that reflects your borrowing history and financial habits. Typically, the higher your credit score, the more likely it is that you’ll be approved for car credit.
There are three credit reference agencies in the UK and each one calculates your score differently. Each lender has its own definition of a good score too. That’s why there’s no universal number that can guarantee you’ll find car finance.
Learn more about credit scores here.
How can I improve my credit score
The good news is that your credit score isn’t fixed, and you can take steps to increase it. There are no quick fixes though and be cautious with any companies that claim they can improve your credit score instantly.
Getting in the habit of checking your credit score regularly is a good place to start and can help you spot and correct mistakes quickly. If you can, paying your bills on time, not maxing out your credit cards, and not applying for finance from many different places at once can all help too. Finally, register on the electoral roll – it’s free, takes minutes to do, and should be on your to-do list every time you move home.
Been refused finance this time? Your credit score plays a part, but it might not be the reason why you’ve been refused.