Your credit score won’t matter if you are simply buying your car outright, but for car finance it will be taken into account. While it’s not always the case, a good credit score is generally preferred by lenders.
What makes a good credit score depends on your credit report. You can check this at one
of the three credit agencies (Equifax, Experian or TransUnion) or partner sites (ClearScore,
MSEs Credit Club or Credit Karma).
However, there’s no golden score for getting approved for car finance. Lenders may have
different criteria for what they want to see in someone’s credit report, so keep this in mind
when you’re applying. Don’t let your credit score put you off from applying, or assume that
your score is too good to be refused.
Bad credit doesn’t have to stop you from being approved for car finance. ChooseMyCar are
experts in helping people with bad credit find the best car finance deals possible. Having
bad credit may just change the interest rates or repayment terms.
For a full guide on your credit score, including what it is and how you can improve it, check out our guide to improving your credit score.
Best available interest rates for credit level
The below is a representative example of what the best available interest rate is depending on your credit score. These are the levels we use in our car finance calculator and are not guaranteed.
|Credit Score||Best Available Rate|