Will I be accepted for Auto Finance despite my bad credit score?
Will I be accepted for Auto Finance despite my bad credit score?

Will I be accepted for Auto Finance despite my bad credit score?

18 March 2021
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Typically, having a bad credit score will prevent you from entering further financial agreements on products that can be deemed essential to daily life – vehicles. Fortunately, Belle Vue Motors offers quality cars available for financing. Our credible relationships with lenders mean we are confident in our ability to get you on the road in a car that is suitable for both your needs and your budget – regardless of your financial history. 

 

How does my score affect my chances of being accepted for auto finance?

In the simplest terms, your credit score is a grade in which lenders determine how reliable you will be at repaying them each month – if your score is considerably low, deeming you untrustworthy, they are going to be much more likely to decline your application. 

 

Credit scores are marked between 300 to 850 points; individuals across the UK have an average score of 600-750 points. Your unique score is easily accessible and free to view across many credit checking platforms. So how do they determine your score exactly? Below are 5 factors that contribute to your score – they are ranked in the level of importance. The higher up on the list, the factor you have an issue with, the more significantly it will negatively affect your score. 

 

  1. Payment History – are you efficient in making payments and on time?
  2. Utilization – checking your credit platforms to see the balance to limit ratio. 
  3. Credit Length – how long has your account been open, and what is your history like?
  4. Recent Activity – see if you have applied for credit recently and if you were accepted. 
  5. Overall Capacity – how much debt do you currently have outstanding?

 

Should you check up on your score, you will find areas of suggested improvement – if you act upon these, you will ultimately increase your score and chance of being accepted for further financial agreements

 

Other factors a lender will take into account before accepting.

Medical complications of any recent job losses can also impact your lender’s decision regarding your loan request; fortunately, they are not definitively negative aspects; therefore, they can be reviewed by a loan officer along with any required evidence to support your cause.

 

Every individual has unique purchase patterns; therefore, these will be accounted for by the prospective lender. 

 

  • Short-term debts should be paid before entering a new financial agreement, as these outstanding debts will be one of the predominantly negative contributions to your score – preventing a lender from accepting your application and awarding you additional money. 

 

Credit scores do not epitomize your trustworthiness when making repayments; sometimes, a low score can be because you are young and without an extensive credit history. Each lender varies in their offers of agreement and, more importantly, their acceptance criteria – should one turn you away, simply try another. 

 

Do you desperately need a new vehicle but have worries over your credit?

Belle Vue Motors is excited to offer finance agreements to our customers – our working relationship with credible lenders has enabled us to help hundreds of happy customers secure a vehicle that is right for them and their situation. Regardless of your credit status, we are confident in our ability to get you comfortably on the road – contact us today for more information! 

 

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