Do I need a Credit Check To Get Car Finance?

If you’re interested in buying a car on finance but you’re concerned about your credit score, you’re far from in the minority. Across the UK, millions of motorists find their automotive aspirations held back by their imperfect credit scores.

Contrary to popular belief, however, obtaining affordable is now possible. Irrespective of how low your credit score may be or whether you’ve CCJs on your file, you could still qualify for a great deal that’s well within your budget.

Car Finance Credit Checks

The short answer to the above question is yes – you’ll need to undergo a credit check to get car finance. But this doesn’t mean that you’ll be counted out of the running if your credit report isn’t up to scratch.

If you have a good credit score, you’ll gain access to preferential deals exclusively available for applicants with the highest credit scores. If you have a lower credit score, it simply means your application will be forwarded to those specialising in car finance with bad credit in the UK.

More importantly, applying for car finance with bad credit no longer means risking further damage to your credit score. Credit checks are almost always carried out, but not necessarily in the same way as traditional credit checks.

What Credit Checks Are Carried Out for Car Finance?

Unlike some, we understand and acknowledge the concerns of car finance customers with poor credit. That’s why rather than risking further damage to your credit score, we run an initial ‘soft search’ to establish your eligibility.

In doing so, we’re able to view your credit score, consider the most appropriate options and present you with our findings. At no point does any aspect of this soft search impact your credit history – nor does it leave a mark anyone else can see.

If your credit score is on the low side, we’ll scour the market to pinpoint the best car finance specialist to suit your needs. There are more specialist lenders offering car finance with bad credit than ever before, enabling poor-credit applicants across the UK to access genuinely competitive deals. We’ll talk you through the available options, and if you choose to go ahead, we’ll handle the rest of the application process on your behalf.

All while preserving your credit report from the potential harm of a ‘hard’ credit check – something we never carry out on our applicants.

What Does a Credit Check Look at?

Credit checks are carried out to build a detailed picture of the applicant’s financial track-record. Most lenders and financers base their decisions entirely on credit scores, which don’t often provide fair and accurate insights into the applicant’s current financial status.

A full credit check enables the lender to establish and consider the following among others:

  • The age of the applicant
  • Current income
  • Electoral roll information
  • Past and current finance applications
  • Mystery payments and arrears
  • Existing debts and outgoings
  • Past application rejections

Of course, it’s perfectly possible for an applicant to appear largely unviable by way of the above, but still be in a strong enough financial position to afford car finance. That’s why we carefully consider each application by way of individual merit, rather than basing our decisions on credit checks alone.

Whatever your budget, your requirements and your credit history, we’d be delighted to talk you through the available options. Call today to book your obligation-free consultation, or fill out the online form at UK Vehicle Finance Ltd and we’ll get back to you as soon as possible.

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