What do these ratings mean?
An Excellent credit score means you will likely qualify for leading rates and a high credit limit. People with excellent credit have usually been at the same address for a long time and are registered on the electoral role. You are most likely a homeowner or long standing tenant, having worked for the same employer for a number of years. You will most likely have a perfect & long standing credit history showing loans, credit cards and a mortgage that have no CCJs, defaults or missed payments and you will rarely apply for credit.
A good credit score means that you should be able to obtain favourable rates. People with good credit have usually been at the same address for a long time and are registered on the electoral role. You are most likely a homeowner or a long term tenant, having worked for the same employer for a long period. You will most likely have a long standing credit history with a mortgage, loan and credit cards with very few missed payments.
A fair credit score means you should qualify for moderate rates. People with fair credit may have had recent changes in address with an irregular electoral role record. You may have recently changed employer or been self-employed and you may have high levels of debt compared to your income with credit applications made on a frequent basis. You may have occasional missed payments on your credit profile or sometimes go over your credit limit on certain accounts. You could also have some old CCJs or defaults.
A bad credit score means that you will likely pay a high rate but can still get approved for a loan. People with a less desirable credit score may have had frequent changes of address that are not recorded on the electoral role. You may have recently changed jobs or had periods of self-employment or unemployment. You are likely to be over your credit limit and late on your mortgage and/or loan repayments. You may also have frequent missed or late payments on your loans and credit cards, defaults, CCJs or have recently been declared bankrupt.
About our Car Finance Calculator
Here at Car Finance 247 we make it our business to make sure you get a good deal on your next car loan, no matter what your financial circumstances or your requirements.
We can help you whether you have an excellent credit history – in which case we can get you some great market leading rates – you are self employed, or you need bad car credit finance.
Our car finance calculator provides a quick and easy way to see just how cheap a car loan could be, no matter whether you have an excellent, fair or poor credit history. It will give you an approximate guide as to how much you’ll be paying each month and over the time period you want. This means you can feel comfortable that the amount you want to pay for your new car if affordable. If not, simply tweak the amount you want to borrow to bring your estimated monthly payments to an amount you feel happy with.
So, how does it work? Once you have completed the required fields below the car finance calculator will show you three monthly repayments depending upon your credit history.
At Car Finance 247 we are experienced in obtaining what we consider are the best car loan rates for all individual circumstances from our large panel of lenders. We have long standing relationships with our lenders, which means we can access some great deals on your behalf.
As you will see from the car finance calculator results, we can help people who have excellent, fair and poor credit history. For those of you who have an excellent credit history we can compete with high street lenders as we have access to lenders such as Santander, Halifax, Black Horse and many more, meaning you’ll get a very attractive deal.
If you who have a less than perfect credit history, are self employed, or have been refused car credit previously, we can match your requirements to a lender who specialises in self employed car finance and car finance with bad credit.
Please try out our car loan calculator now and see how cheap a buying a new or used car may be!
* This car finance calculator is for illustration purposes only. The interest rate that you receive from your loan provider can vary significantly depending on your personal circumstances. If you have poor credit you are deemed to be a higher risk to the lender, hence the reason for higher monthly payments.