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If you use a credit reference agency service such as Clearscore, Experian or Credit Karma, then you will be given an indication of what they believe your credit rating is. Usually, they will use terms such as Excellent, Good, Fair and Poor to define your ‘credit score’.
So, if you have been classed as having ‘Fair Credit’, then there is a chance you could get approved for mainstream credit and also a chance you could get refused.
Some factors that contribute to having a fair credit rating might be that you have limited credit profiles, you aren’t on the electoral register, you’ve had some arrears on a small level or managed to catch up some historic arrears, or you have small historic defaults.
Either way, your credit file isn’t perfect and you want to see what your options are.
If your credit rating is fair then you should qualify for our Fair Credit Car Finance tier @ 19.9% APR but that is dependent on the finance companies that we use (and we use them all), agreeing with the credit reference agencies. The only way to know exactly what rate you’ll get offered is by applying here;
Pretty much just the label. Most credit reference agencies and finance companies use their own terminology for things and this is no exception. We would expect to see similar deals being offered if you have fair credit or average credit.
As long as you have enough affordability, you shouldn’t have any difficulties getting approved for car finance with a fair credit rating. Most finance companies will be competing for your business which we find, drives the rates down for applicants with a Fair credit score. So, if you find yourself asking the question “Can I get car finance with fair credit?”, the easiest way to find out is to fill in the form below:
This is tricky to answer because of the number of different credit reference agencies there are and the different scoring systems they use. Some will class 300 as fair whereas others would class that score as Poor. Generally speaking, the only way to find out what kind of finance approval you qualify for, is to apply for finance (but make sure you use someone that uses soft searches, like us!)
In total, there are 15 specialist fair and bad credit car finance providers in the U.K. and Pay Weekly Car Finance use all of them. There is a lot of crossover in the market with companies offering Good and Fair Credit and others offering Fair and Bad Credit. Either way, once you have applied online with us, your application will go to all of the companies using soft searches and we will find the best APR for your personal credit rating that there is.
If you’ve never had any credit issues, the most likely outcome is that your credit rating is Excellent or Good (although we’re yet to experience much difference between the two). However, there are other factors such as going over your credit card limit or your arranged overdraft limit that could drag your credit rating down. Also, if you are not on the Electoral Register then this will also hamper your credit rating. The only way to check is to apply for finance with a company that uses soft searches, that way you can get the most accurate answer.
