At Carplus, we understand it can be tricky applying for car finance if you are worried it may potentially leave a bad mark on your credit file. That is why we do a soft check first that does not impact your credit score to check acceptances among our panel of lenders. If you will be pre-approved by one of the lenders and decide to take finance, a full hard check will be conducted against your credit profile.
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Rates from 9.9%: the exact rate you will be offered will be based on your circumstances, subject to status. Representative example: borrowing £10,000 over 60 months, £1,000 deposit, on HP, and a representative APR of 19.9%, the amount payable would be £229.95 per month, with a total cost of credit of £3,796.82 and a total amount payable of £13,796.82.
We look to find the best product from our panel of lenders and will offer you the best deal that you’re eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered.
Bad credit is likely to mean that you struggled to manage your debts in the past and may have been late in making the relevant repayments when they were due. No credit probably means that you have had County Court Judgments (CCJs) against you in the UK, perhaps entered an Individual Voluntary Arrangement (IVA) with your creditors, or even been declared bankrupt.
This is enough to make many lenders cautious in the extreme about arranging further car loans — with the result that you may have had applications turned down. This is the time when you can apply for our car finance without a credit check.
Of course, car finance with no credit check needs to be sure of your ability to repay loans or line of credit — that is one of the rules of the Financial Conduct Authority (FCA), which regulates all such business.
But the last thing you want, if you already have really bad credit, is another rejection of an application for a loan — since the refusal itself affects your credit status adversely.
That is why we carefully pre-check the likelihood of your application being formally accepted by one of our lenders by performing what is described as a ‘soft’ check — a snapshot in time of your current income, outgoings, and existing credit — which has no impact on the information held about you by the major credit reference agencies.Get my quote ➜
Before proceeding with a ‘hard search’, it is helpful to be aware of your current credit score. You can request your statutory credit file for free with any of the three major credit reference agencies like:
The statutory report will give you basic information about your credit history, although extras such as credit monitoring or fraud alerts are not included.
Each credit agency uses a different system, so do not be alarmed if the actual figure varies from one to the other. What matters is how your score is classed on the agency’s scale, which can range anywhere from ‘Very Poor’ to ‘Excellent’. If your credit score is not what you were expecting it to be, check through the information for any irregularities. You can contact the relevant company where it is necessary to put a ‘notice of correction’ on your credit report, should it be required.
But what is a ‘hard credit check’? It's when a financial company checks reference agencies' records for your credit history. So if you want the best deal, it's best to get a ‘soft check.’ It is not the kind of formal process in which a lender determines if you can qualify for a loan. The results of such a search are not visible to other lenders.
Why do we advise you to do it this way? First, simultaneously applying for more than one loan gives the impression that you are in a desperate financial situation. Then, of course, borrowers will wonder if you can pay off the extra money.
So when comparing car finance costs, take advantage of our no credit check car finance services. This approach is guaranteed to leave no mark on your credit history.
Once you have accepted our no-obligation quotation and your formal application to the reputable lender has been approved, it is simply a question of choosing the new or used vehicle you want to buy from any reputable dealer in the UK.
We even make checks on the vehicle on your behalf — to confirm that there is no outstanding financing on it, for example. We also do all the paperwork and pay the money directly to the dealer, so that the only role you are left to play is to drive your new car away.
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