What Credit Score Do I Need To Get Approved For Car Finance?

There is no minimum or maximum credit score that will determine you will definitely be accepted or rejected for car finance. If you feel your credit score is bad or requires some work we could still help you. At Motorly we work with a panel of lenders who are able to help people with varying credit backgrounds. From those with average  & bad credit ratings to those with a history of CCJ’s, missed payments and we may even be able to help those who have been refused finance elsewhere. 

What is a credit score? – A person’s credit score is one of the main factors a lender uses to find out use creditworthiness. Your score will usually be a 3 digit number and the higher the number the greater chance of having finance approved. Those with higher scores will usually benefit from a lower interest rate, as lenders associate higher scores with a lower risk of a person defaulting. As each lender has a different understanding of what’s a good score, there’s no set number that can guarantee you will be accepted or rejected for car finance. ers 

How could I improve my credit score? – Your credit score isn’t a fixed number and can increase or decrease based on a multitude of factors. It should be notated there are no quick fixes, but there are steps you can take to ensure you maximise your score such as;

• Paying your bills and existing credit commitments on time
• Staying below your credit utilisation. Ideally using around 50% of your availabe credit.
• Avoid making lots of credit applications at once. This can signal financial difficulty to lenders.
• Ensure you are on the electoral roll 

Although your credit score is important, some lenders on our panel place less importance on your score than others. So if you have recently been refused car finance we may still be able to help you. Apply online now and see if you’re pre-approved without impacting your credit score.