Your credit score is a three-digit number that is calculated using information from your credit file. It is important to know how to check your credit score because having a bad credit score can make it difficult to get finance.

There are 3 Credit Reference Agencies (CRAs) in the UK: Experian, Equifax, and TransUnion. Each CRA uses slightly different calculations to determine your credit score.

We’ve created a guide that explains what a good credit score is with each CRA. Checking your score with each of the CRAs can help you understand whether you have good, poor, or very bad credit.

It’s important to know what your credit score is with the 3 main Credit Reference Agencies (CRAs). Different lenders use different CRAs to decide whether they can offer you finance.

A bad credit score can have different meanings depending on which CRA you check. Each CRA has its own credit score ranges, which you can use to understand what factors affect your credit score.

The following scores are considered bad:

• Experian: a very poor credit score is 0-560, and a poor credit score is 561-720
• Equifax: a poor credit score is 0-438
• TransUnion: a very poor credit score is 0-550, and a poor credit score is 551-565

There is no minimum credit score needed to get car finance. Even if you have a poor or very bad credit score, there are lenders who can help. Before offering you car finance, lenders consider several factors, such as your credit history and affordability.

We have over 30 years of experience helping people up and down the UK, even if they have poor credit. As a direct lender, we can help you onto a better road ahead. Get a quote in less than 5 minutes and see if we can help.

Yes, it is possible to get car finance with bad credit. However, it may be tricky to get approved by mainstream lenders. You may need to use a specialist lender who might offer you a higher Annual Percentage Rate (APR) compared to someone with good credit.

If you are looking for a no credit car loan, you might find that the car finance offers are similar to bad credit car loans. This is because lenders may see people with no credit history as a higher risk, as there is limited or no information on their ability to manage credit.

Yes, it is possible to get car finance with no credit history. However, it may be more difficult to get approved, and you may need to use a specialist lender.

Some people believe that a guarantor is required when applying for car finance with bad credit, but this is not always the case. Nowadays, guarantor finance is less common, as specialist lenders are able to help people with bad credit.

To learn more about this, check out our guide to learn what car finance with no guarantor means.

When you get a quote for car finance, it only affects your credit score if the lender uses a hard credit check at the point of application. We use a soft check which doesn’t leave a mark on your credit file.

If you decide you’d like to proceed and contracts are drawn up for you to sign, a hard check will be done which can affect your credit score. This may cause your credit score to drop, but if you pay back your finance on time and in full, car finance can build your credit score.

So, before you make any applications for car finance, make sure you check whether they use a soft or hard check at the point of application. Multiple hard checks in a short space of time can affect your credit score.

Financing a car with bad credit shouldn’t take any longer than someone with good credit. However, it may mean that mainstream lenders won’t accept your application and you have to use a specialist lender.

We are experts in providing car finance to people with poor credit scores. Every month, we help thousands of people to finance the car they need so they can get on a better road ahead.

Get a quote in less than 5 minutes and we’ll give you an instant decision as to whether we can help. If you’re approved, our friendly experts will help guide you through our application process.

There are several types of car finance available for people with bad credit:

• Conditional Sale (CS), which is what we offer at Moneybarn
• Personal Contract Purchase (PCP)
• Hire Purchase (HP)

Our Conditional Sale finance means you have full use of the car while making fixed monthly payments. Once you make your final payment, you become the legal owner of the car without having to pay a fee.

However, with PCP and HP, you need to pay an amount to own the car at the end of the agreement. In PCP, it is called the balloon payment, and in HP, it is the option to purchase fee.

For more information, see our guide that explains how car financing works and the pros and cons of each option.

If CS finance is right for you, we could help. We’re a direct lender, which means that even if other lenders have refused you, we can help. Get a quote today and we’ll give you an instant decision.

If you have a poor credit score or no credit history, you may have heard about sub-prime car finance. In the UK, this means finance offered to people with bad credit. Usually, people with a good or excellent credit score are referred to as ‘prime’, while people with poor, bad, or very bad credit scores are called ‘sub-prime’.

Read our guide on checking your credit score to learn how to view your report at each of the Credit Reference Agencies (CRAs).

Understanding if you have bad credit is important, because it means you may be offered higher APRs than someone with good credit. However, sub-prime or bad credit car finance can help you buy the car you need to get around. Get a quote today and see if we can help you onto a better road ahead.

To be eligible for car finance with us, you need to have a monthly income of at least £1,000 a month after tax. However, if you earn a salary or have a pension and don’t quite meet this requirement, there may be other sources of income we can consider. If you receive benefits you can find out which benefits we accept for car finance.

It’s important to note that every lender has their own criteria and may accept different types of income. Make sure you understand what they require before making any applications.

Also, it’s worth knowing that your salary doesn’t directly affect your credit score. There are other factors that can affect your credit score, so make sure you’re aware of these to avoid any bad habits.

It can be difficult to get approved for car finance with car finance with no deposit if you have bad credit. This is because lenders may see it as higher risk to lend to people with bad credit, especially if there is no deposit made.

We understand that saving up for a deposit can be tricky. If you already have a car and would like to part-exchange it, we may be able to accept it as a deposit.

If you have very bad credit and have been refused by other lenders, we may be able to offer you car finance. However, some of our agreements require a deposit of £400. If this is the case, our friendly experts will be happy to discuss your options and find a suitable agreement for you.

Get a quote today in less than 5 minutes and see if we can help you.

It’s important to know that no matter if you have good or poor credit, there is no such thing as no credit check car finance. Lenders will always do a credit check when you get a quote. However, there is a difference between a hard credit check and a soft credit check.

When you get a quote with us, we will only make a soft credit check, which doesn’t have any impact on your credit score. Some lenders may perform a hard credit check at the point of application. This usually causes your credit score to drop slightly and leaves a mark on your credit file.

It’s worth noting that we do use a hard credit check, but only after we have agreed the car you want to finance and contracts are drawn up for you to sign. Over time, making timely and full payments on your car finance can improve your credit score.

If you’re interested, get a quote in less than 5 minutes and see if we can help.

It’s possible to get a car on finance even if you have no credit history or a poor credit score. There are lenders who can help you regardless of your credit score. You can get a quote from us to see if we can help you.

If you are an expat or have recently arrived in the UK, you might not have a credit score or much of a credit history. For more information, please see our guide that explains how you can get car finance as an expat. To be eligible with us, you need to have a minimum of 3 years of UK address history.