An average credit score is generally considered to be 569 or above in the UK. Your credit score is critical to your financial health, and will determine what kind of loans and other services that you’re viable for. But what credit score is needed to buy a car?
We answer this question and detail how My Car Credit can help find the best car finance for you – whatever your score.
How do credit scores work?
Your credit score will fall along a score range, which is generated by a computerised scoring model. The scoring model uses statistical analysis to establish patterns in your credit report data, assigning a three-digit number score. This will in turn reflect on your ‘riskiness’ as a consumer.
Lower scores indicate that you’re more of a risk for lenders. As a result, you may end up paying higher interest rates, fees, and deposits.
The different credit models used by national credit bureaus will calculate and report different credit scores. Below, we list the different categories of credit score based on the Experian average credit score range.
Excellent: Typically, your score would be from 961 to 999 if you sit within this bracket. Having a score this high will streamline your approval process, and you’ll receive the best available terms.
Good: You’ll have a score of 881 – 960 in this bracket, and will likely have better rates offered.
Fair: If your score is in the bracket 721 – 880, you may be considered a subprime borrower, and your interest rates may therefore be slightly higher.
Poor: Between 561 – 720 is a poor score, so you might have loans declined if you sit within this range. Anything lower than this is considered very poor.
Thankfully, there are ways to improve your credit score, so be sure to check these out.
Can I get car finance with poor credit history?
You’ll be pleased to hear that the answer to this question is – yes. There is no specific score required to buy a car. However, as outlined above, the higher your score, the more likely you are to receive a better deal and rates.
That said, we understand that everyone’s case is different, and we treat them as such. We combine a wide panel of over 30 lenders to help you find the right car finance for you.
You can also check your eligibility for credit before you formally apply for car finance. To do so, we’ll carry out what’s called a ‘soft search’ credit check. This involves checking your financial history without exposing the information to lenders. It therefore won’t have any impact on your current credit score.
Contact My Car Credit today
Now you know what credit score is needed to buy a car, you should be feeling much more confident about taking the next steps. However, if you’re looking for car finance but worried about your poor credit, contact our friendly team today to discuss. We aim to address any concerns or queries that you may have about the process – call 01246 458 810 today.
Representative APR 8.9%
Evolution Funding Ltd T/A My Car Credit
Require more help?
Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!