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What Is A Credit Score?

What Is A Credit Score?
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What Is A Credit Score?

A credit score serves as a representation of you, Banks and Car Finance Lenders look at an individual’s credit score when it comes to lending to an individual credit, and your credit rating usually indicates how reputable you are when it comes to paying back credit (loan/finance). Banks and lenders do this by looking at your past history which indicates your behavior and pattern when it comes to making repayments, if you make payments on time, if you have missed any payments, do you have a steady flow of income and if you are likely to make the repayments on the credit (loan/finance), etc.

The score will change depending on how well you keep up with payments. For instance, making repayments on time and avoiding County Court Judgements (CCJ) or Individual Voluntary Agreements (IVA) will keep your credit score in good shape, meaning you would fall into the category of good or excellent credit score ratings.

On the contrary, falling behind on payments, resorting to Defaulting on payments, having CCJ’S/IVA’s against you or resorting to Debt Management Plans will have adverse effects on your score and your credit profile will be defined as a Poor Credit profile. However, if you are in this position, we have lenders who specialize in assisting people in these circumstances.

Here at U Car Finance, we have made getting Car Finance simple. Using our three step process you can be approved for car finance within minutes. Our aim is to help you secure low rate vehicle finance. We aim to get you the most competitive rates for your car finance, relative to your circumstances from our carefully selected panel of lenders. We take into account all credit circumstances, whether you have an excellent, good or poor credit history and even if you have CCJs or have Filed For Bankruptcy. Lenders and dealers are often limited by the financial products they may have on offer, however with U Car Finance; we have 100’s of financial products to suit your car finance needs, even if you have Poor Credit.

How Will My Credit Score Impact My Approval Rate?

Individuals with Good Credit Score will not have a problem getting credit (loan/finance) approved by lenders. However, some lenders (not just for car finance) might reject applicants with a Poor Credit Score or individuals with a history of debts and defaults. This may also result in larger monthly repayments due to an increased rate of APR% and fees. With U Car Finance, you may find it easier to get an approval than you would elsewhere; we have lenders that specialize in assisting everyone. Even if you have struggled to get an approval in the past. We can help you get a finance deal that’s ideal for you.

It may also be worth considering a deposit or Part Exchange if you have a Poor Credit Score. As a result, this will lower the amount you Need To Borrow and make your repayments more affordable.

Use Our Finance Calculator to see what you could borrow today; our finance calculator can give an idea on your monthly repayments based on your credit rating. Alternatively, you can call 0330 445 5505 and talk to one of our friendly members of staff who will help you with any queries.

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U Car FInance
U Car Finance is one of the leading UK Car Finance Brokers, we are dedicated to giving our customers the best service as possible. We accept people who have been refused elsewhere, people with good credit, bad credit and people with no credit history at all.

Our Address

U Car Finance
208 Victoria Street (Ground Floor)
Oldham, OL9 0DA
United Kingdom

Opening Times
Mon-Fri: 9.00 am - 7.00 pm
Saturday: 9.00 am - 5.00 pm
Sunday: Closed

Our Contact Infomation

Contact us if you have any questions.

Click Here For Contact Form
Phone : 0330 223 4384
Email : info@ucarfinance.co.uk

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