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Car Finance Rescue

Credit Ratings

So what makes a good credit rating or a bad one? In the simplest terms a good credit rating gives a lender confidence. The confidence that the money they lend will be repaid in a timely manner with all conditions of the credit agreement met. If you have a good credit rating then this can ultimately lead to better deals on car finance being available to the borrower. Those with a bad credit rating through missed credit repayments for example may find a credit car loan difficult to find but should not despair. Having a bad credit rating doesn't mean you will be refused all car loans, our finance team can guide you through your bad credit car finance options once you apply.

Each lender will judge your car finance application based on two key areas;

  • How you have paid credit in the past (i.e. your ‘credit history’)
  • Your overall current ‘profile’ (primarily, how long you have been at your address and how long you have been in your current in job)

The lender will then combine these two elements to create an overall ‘credit score’ or ‘credit rating’ for you as a potential customer.

Every lender has their own opinion of what a ‘suitable’ customers credit score should be, so if you are rejected by one, this doesn’t necessarily mean you’ll be rejected by another.

Read more in our Frequently Asked Questions section.

For people with a very good credit rating, there’s the possibility of guaranteed car finance such as in the Typical Finance Example below.


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Typical Finance Example

£13,490.00 £2,120.29 £11,369.71 £4,562.72 £18,052.73
18.9% 48 months £327.78 £526.78


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