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.

If you have a county court judgement (CCJ) or an individual voluntary arrangement (IVA) you may also struggle with being approved for car finance, but it may not stop you entirely.

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
Excellent 6.9%
Good 9.2%
Fair 13.2%
Poor 19.1%
Bad 25.4%