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jadex91

Delete post please

ACG

Peoples versions of good vary massively.

Assuming you have been on the electoral roll for the last few years, have a good income and do not have defaults/ccjs all over the place im sure you should be ok.

AdrianC

This really is one of those "If you need to ask, it's probably a really bad idea in the first place" questions.

arcon5

To get a decent interest rate then probably yes.
Although car loans don't necessary push out poor credit score customers, just means the rates make it not worth it.

forgotmyname

You can probably get a loan at one of the we send the boys round to break your legs if you miss a payment type companies.

But paying £15,000 for a £3000 car doesnt appeal to most. And hospital food doesnt taste nice.

Paully232000

I would imagine for a decent rate have to have fairly good past credit history. As for income, we were never asked about what we earn or provide any proof. This surprised me to say least.

InsideInsurance

When I got my Mercedes they didnt do a credit check and just asked for 3 months of payslips or bank statements to prove affordability. Cant remember the APR exactly but it was in the region of 2%

What level of credit score they will need somewhat depends on who is providing the finance. If the motor manufacturer does the finance they tend to have lower tests than if its a 3rd party company.

colino

First of all, Credit firms owned by manufacturers not only have similar bars to entry, they are often tougher. They just know how to process you more discretely.
Currently you need a decent credit score to get car finance, a good record to get a good deal.
In the past two years I have seen deals disappear because the normal panel say no and the sub-prime, who are thinner on the ground anyway, are agreeing.
The regular UK motor trade are on the brink of adopting the, "Buy Here-Pay Here" US models to protect their whole spectrum of sales, and that will mean high risk borrowers having to pay for black boxes to be fitted to their cars and the cars to be deactivated when a payment is late.

InsideInsurance

colino wrote: »

First of all, Credit firms owned by manufacturers not only have similar bars to entry, they are often tougher. They just know how to process you more discretely.
Currently you need a decent credit score to get car finance, a good record to get a good deal.

Not at all when they dont even credit score you.

Manufacture provided credit get two bites of the cherry so naturally follows that they can be less stringent than those who rely on finance only. The same follows with insurance, those direct insurers who self finance installments always have lower hurdles than those that use external finance houses.

As to "more discretely", I am not even sure what you mean by that. Are you suggesting Mercedes have some special deal with the CRAs so that they are the only company that doesnt leave a footprint when the do a credit history check?

vikingaero

With mainstream companies you generally need to have a decent credit record to borrow with a low deposit.

With a larger deposit - say 20-50% more companies will be flexible

27col

A good "credit score" won't get you a car loan. However, a good credit record might