Your credit rating will undoubtedly have a huge impact on your ability to access keen rates of car finance. The higher your credit rating, the more lenders than will look favorably on your application and the more likely your car finance application will be approved.

There is a whole host of other factors such that come into play when lenders consider applications. Most online application systems are now automated with automated decisioning. Lenders keep this mechanics of their decision engines a closely guarded secret.

What’s a good or average credit score?

No ‘magic’ number will guarantee your approval. And, because different lenders look for different things in their potential customers, you could be refused credit by one and accepted by another. Generally, a ‘good’ score to be between 881 and 960, with ‘fair’ or average between 721 and 880.

Poor Credit Scores

A credit score below 560 -721 is considered poor and could mean lenders offering your finance but the finance could come at a higher rate of interest than if your credit score was slightly higher.

Very Poor Credit Scores

Your ability to access finance will be seriously impaired by your credit score. Typically, someone with a very poor credit score will have defaults recorded on their credit report. Unfortunately, lenders simply don’t look favorably on this type of credit history. Most applications will result in a decline.

That said, a limited number of lenders will consider applications of this nature. Approvals are on a case by case basis and like any application.
The important thing to remember is your credit rating isn’t set in stone – it’s a living, breathing thing that can change with certain kinds of positive financial behavior. So, it can go up over time.

Access to car Finance

Your chance of finding a lender that will consider your application is greatly improved by working with a broker who has access to a panel of lenders. Rather than approaching a single lender.
We have access to a large panel of lenders each with different criteria. We consider all types of credit scores and credit histories. Why not check your eligibility today. There is no impact on your credit score and you can get an initial decision in a few minutes.