FAQs - Checking eligibility

What credit score is needed for car finance?

Sam Wooller, Customer Experience Communications Manager
Wednesday, 07 December 2022

There is no specific credit score or rating that you need to get car finance. We’re specialists in helping those with a less than perfect credit history get the finance they need. But its important to know that there are lots of factors that affect your eligibility, and credit score is just one of them. When you’re ready you can make an application with us – we run a soft check which doesn’t affect your score and will tell you if you can get finance with us.

How does your credit score affect car finance?

Your credit score is a reflection of your credit history. There are lots of different factors that are used when your credit score is calculated, including how much credit you’ve had in the past, how often you’ve used it, and whether you’ve missed payments.

When a lender checks your credit file, your score gives them an idea of how risky it might be to offer you finance. A lender will also check other aspects of your file, not just your score. Please note that we take into account a number of factors, and that we don’t base our decision solely off your credit score.

Is there a minimum credit score to buy a car?

No, there is not one specific score or range of scores that is needed for car finance in the UK. This is because there are 3 different Credit Reference Agencies (CRAs) in the UK which each use their own credit score ranges.

Take a look to see if you have a good or bad credit score so you can take steps to improve it. Each CRA calculates your credit score differently so you should check all 3 reports if you are able to.

What is a good credit score to get car finance?

Generally speaking, the higher your credit score is, the better your chances of getting car finance. Factors such as a recent change of address, missed payments or not being on the electoral roll will affect your score. We recommend reading our guide on what affects your credit score as there may be small changes you can make that will help your credit score in the long run.

But don’t worry, if you do have bad credit it doesn’t mean that you won’t be able to find car finance. You might find it more difficult to find a lender, but that’s where a specialist lender like Moneybarn could help.