If you know much about your credit score or history you will more than likely know which of the following categories you fit into. Lenders tend to view the 5 categories as mentioned:
This is a category of very low risk customers. The vast majority of them will have little to no issue with repaying credit. High levels of credit in the past and currently with no issues repaying them would be likely to give customers in this group an excellent credit rating as well as being on the electoral roll.
A Good credit rating gives lenders little reason to believe you would be a risk to lend to. Customers within this category are likely to have settled finance agreements as well as some current agreements which are running without missed payments.
A small proportion of people in this group may have missed payments or will have little traceable past history of borrowing. If you’re young, not on the electoral roll or have few past credit accounts you are likely to be in the category.
This group would suggest you have issues repaying credit or the vast majority of people in this group have defaulted or missed payments in the past.
A bad credit score means that you will likely pay a high rate but can still get approved for a loan. Lenders would view this kind of credit rating as high risk but may consider lending to them on a certain tier of interest.
Offering you impartial advice to ensure we search the market for the best deal on your next car loan.
We can help you no matter what your financial circumstances or your requirements; whether you have an excellent credit history, you are self employed, or you need bad car credit finance. If you who have a less than perfect credit history, are self employed, or have been refused car credit previously, we can match your requirements to a lender who specialises in self employed car finance and car finance with bad credit.
Using our car finance calculator allows you to quickly and easily predict your monthly payments, finance rate and interest paid, no matter whether you have an excellent, fair or poor credit history. This means you can feel comfortable that the amount you want to pay for your new car is affordable to you. If not, simply change the amount you want to borrow to bring your estimated monthly payments to an amount you feel happy with.
We have long standing relationships with many well known, reputable lenders; meaning we can access some great deals on your behalf.