Representative Example: Borrow £7,000 with £1,000 deposit over 48 months with a representative APR of 17.9%, monthly payment would be £171.83, with a total cost of credit of £2,247.83 and a total amount payable of £8,247.83.
CarMoney Limited can introduce you to a limited number of finance providers based on your credit rating and we will receive a commission for such introductions this can either be a % of the amount borrowed or a flat fee. This does not influence the interest rate you’re offered in any way.
CarMoney is a broker not a lender
Car Finance With Fair Credit
Car Finance With Fair Credit
At CarMoney, we use your credit score to help determine which of our lenders and rates you are likely of be accepted for.
By conducting a ‘Soft search’, we are able to check your credit score without leaving any visible marks on your credit record. We know that one of the major concerns people have when it comes to financing their next car, is whether they can get car finance with fair credit.
Obviously, your credit score tells us, and our lenders, how creditworthy you are, which in turn allows us to predict how reliable you are and whether you’ll be able to keep up payments.
So, the better your credit score the easier it is to get approved. But don’t worry. You may still qualify for car finance with fair credit.
What is fair credit?
Fair credit isn’t exactly good. But it isn’t bad either. Instead it is somewhere in the middle, which means you could still take out car finance with fair credit.
There are many reasons your credit score may be classed as “fair”. You might have recently moved into a new address, or gotten a new job that you haven’t been at very long.
You may have high levels of debt compared to what you earn, or you may have simply missed the odd payment or gone over your credit limit. A fair credit score could also be the result of CCJs (County Court Judgement) or defaults that date back several years.
Whatever the reason, it has impacted on your credit score. But that doesn’t mean you are going to be rejected. You could even potentially be accepted for bad credit car finance if your rating is low.
What can I do the increase my chances of being approved?
There are still some things you can do to increase your chances of being approved for car finance with fair credit.
The most common way you can make the process of buying a new car easier is by saving up enough money for the down payment on the car. This is the payment that you pay the dealer and is not a part of the car loan. The general rule is that the larger the down payment, the less you have to pay in monthly payments. The down payment amount is usually settled by the dealer and is be based on your fair credit score.
You can improve your credit score by checking the information on your credit record is up-to-date and rectify any errors immediately. It’s not impossible to be approved car finance with fair credit. Once you’ve followed the above steps, head to CarMoney, and find out how much you could be driving off with today.