What Credit Score is Needed to Buy a Car UK?

car purchase showroom

The Credit score you will need to buy a Car can vary depending on which lender is being approached for finance. So, it will not be a set number. Different lenders have different due-diligence processes; so, the score needed to buy a car from each lender will differ. Different lenders may also use different credit scoring criteria that may impact their decision.

For this reason, we believe it is a reasonable option for most clients to apply for finance with a brokerage such as ourselves as we have multiple lenders ranging from sub-prime to prime finance options. These will be Low to High interest offers. Your current situation and credit score and the lenders criteria will determine what solution you will be offered.

Here at Car Finance Deals we have multiple lenders to give you a good chance of being offered a finance deal. We work with companies that supply finance to clients with perfect credit scores and in addition, we work with companies that offer finance for clients with a poor or bad credit history. So; to apply now; click; https://carfinancedeals.com/apply

Presuming you are offered a solution it will be up to you to decide whether the offer is acceptable to you. The offer typically will last for 30 days, before it will need to be renewed. If you decide is it an acceptable offer then fantastic, you can move on and hopefully get the car of your choice. If its not, it might be worth looking into the possibility of improving your credit score.

Improve your Credit Score before Buying a Car
If you are planning to make a big purchase such as a new car, it is a good idea to view your credit report months in advance. This way, if you spot any errors on the report you can get them fixed prior to applying; and thus, get you a better deal when applying for the loan.

You can order your credit report or use one of the many companies that will allow you to view it online. A quick fix on your credit report could be possible; especially if some of the information is incorrect. You can appeal against your credit score in this situation and/or contact them and advise them of the fixes they need to make.

Four of the most popular websites in the UK are listed below. Click on each to go directly to those websites:

Equifax: https://www.equifax.co.uk/
Experian: https://www.experian.co.uk/
ClearScore: https://www.clearscore.com/
Noddle: https://www.noddle.co.uk/

If there is nothing that you can change from the data you can see, then you will need to make sure over the next few months you pay all of your payments on time without any defaults. This is a given and really you should never fault on any payments as it really can affect you going forward. Ultimately you will be viewed as a risk if you cannot be responsible enough to make payments on time and will either be offered a poor rate of interest or no finance option at all. Either way, you are only harming yourself.

In general, to improve your score just make sure you pay all your payments on time. Then every month your score will get better and better. Do note, your score will take a long time to dramatically increase but there is no better time to improve it than now. Especially if you are looking at buying a new car shortly. The better your credit score ultimately the cheaper your new vehicle will be if you are to buy it with finance. You need to keep those monthly repayments as low as possible and the way to do this is to have a good credit score.

We have put together a bigger, more comprehensive list on how you could improve your credit score already in this blog. This particular post busts myths and also shows you what the lenders can see and what they can’t see. For a more in-depth look at this article, please click to:

Car Finance Takeaway:
What Credit Score is Needed to Buy a Car UK?
To conclude; there is no fixed credit score that is needed to buy a car in the UK. It varies. Obviously if you have the highest possible credit score yes you will be offered solutions from several or possibly all the lenders. Most people do not have a perfect credit score and then its upto the lender and there own due-diligence processes to determine if you are to be accepted. For this reason, it is good to apply with a company such as ourselves who work with lenders that offer a variety of finance packages which will ultimately give you a great chance of obtaining car finance.

Good Luck!