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When someone applies for any form credit, a responsible lender will want to make sure that the person can comfortably afford to manage the repayments for the sum borrowed. This is entirely normal practice and makes good business sense.


All the lenders on our panel will typically use all the relevant information that they can research or have at their disposal to help reach a decision on whether to agree your car finance  .

This helps them assess the likelihood of you being able to repay what you have borrowed. One of the tools that they use to assist them is that of a credit checking system. This often referred to as a credit search and will involve them undertaking a credit score.

The higher your credit score then the lower the perceived risk to the lender, which means someone is more likely to be granted credit, possibly and in all likelihood at a lower and more competitive interest rate.


It is worth remembering that different lenders use different criteria for assessing a credit rating. It is easy to be ‘frightened’ by credit ratings, below are some of the key points that a lender will take into consideration, this list is not exhaustive:


  1. Is the applicant on the Electoral/Voters roll at their current address
  2. How long has the applicant lived at that address
  3. Links to other addresses, such as previous residential addresses and “buy to let” properties
  4. Do they have existing credit already. This may include, current car finance, a mobile phone contract, bank loan or overdraft, credit cards and a mortgage
  5. Is the current credit all paid on time each and every month
  6. Are their any late, missed or slow payments
  7. Does the applicant have any existing or prior defaults. A default being where you have been unable to repay a loan
  8. Are any County Court Judgement’s (CCJ’s)  evident on the applicants credit search
  9. The total amount of current debt showing on the applicant’s credit file
  10. Are Credit Cards being utilised up to their credit limits



Here’s an outline of the 4 main categories of credit rating:



People with an excellent credit rating will probably qualify for leading lending rates and a higher credit limit. Typically people with an excellent credit rating have usually been at the same address for a long time and are registered on the electoral role.

They would more than likely be a homeowner or a long-standing tenant, having worked with the same employer for a number of years. Normally people in this category have a near perfect and long-standing credit history showing loan, credit card and mortgage payments that have no CCJ’s (County Court Judgement’s), defaults or missed payments shown against them – i.e. an impeccable loan history.  They will not have a history of applying for credit several times at regular intervals.



A good credit rating means that a person stands a significant  chance of obtaining a loan at favourable interest rates. Similarly to people with an excellent rating, they will have been resident at the same address for a long time and again registered on the electoral role.

The slight difference between Good and Excellent ratings is that with a Good rating, they might have missed the occasional credit card payment or may have recently moved addresses or employment.



A fair credit rating means a person SHOULD qualify for moderate rates of interest.  A typical profile of someone with a fair rating would mean that they have had recent changes in address with an irregular electoral role history.  They might have recently changed employer or have been self-employed and even have high levels of debt compared to income.

Frequent credit applications are a typical feature of someone in this category and occasional missed payments might show on your credit profile as will  exceeding your credit limit on accounts such as credit cards or a bank overdraft. Some CCJs or defaults might show within the credit history but are probably now settled.



A poor credit score that means that you can still get an approved loan, but the interest rates will be at a much higher rate.  This person might have moved address several times, addresses that have perhaps not been recorded on the electoral role.  Recent changes in employment status or even periods of unemployment will play a factor.

Typically people with a poor credit rating are over their credit limits and often late on loans or mortgage repayments.  A pattern of frequently missed or late payments will show on loans as well as actual defaults, CCJs or a prior declaration of bankruptcy. They may also be using pay day loans to meet credit obligations as they fall due.



At Fast Car Finance we pride ourselves on using and researching our clients credit history, doing so with a high level of sensitivity and discretion.  We also recognise that because ‘history’ is factored into the assessment of a person’s credit rating today, this can cause anxiety.


It helps us enormously if our customers  can be open with us about any issues they are aware of that could play a part in affecting their credit rating.


Please don’t worry if your credit history is impaired. We have a large panel of approved lenders that we work with and this enables us to help most customers regardless of their credit score or credit history. If you need further information or advice before you apply please pick up the telephone and talk to us, we will advise you of your options before you apply.


Fast Car Finance are experts at arranging new car finance  and used car finance for people with a variety  of credit ratings, contact us to find out how we can help “put you in the driving seat”.


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  • Thank you Fast Car Finance, your car finance quotation was far better than the one offered to me from the dealer supplying the car. Furthermore, your advice and guidance on the various finance products that were available to me was first class. Great service from great people, you can rest assured I will be in ...

  • Having dealt with Fast Car Finance previously and having the whole process explained to me in plain English, I had no hesitation in returning to them to help finance my next purchase. As expected, the service was excellent . Thank you for holding my hand once again and I’ll be in touch for the next ...

  • Excellent. From my first purchase of my Ferrari a few years ago, then my Aston, to my most recent purchase, Andy has been awesome. Always available for any questions I have, always quick to reply – even at unsociable times. Even when my imagination runs wild Andy is always on hand to provide me quotes ...

  • … my experiences have all been very positive, and I would gladly use the guys again. They have also been a big help working in an advisory role. Steve has helped me out on 2 vehicle purchases this year and on both occasions FCF have worked quickly and effectively to come up with the most ...

  • Thanks Andy – another super job. I know where to come for my numerous car finance needs in the future ...

  • I really appreciated Andy’s professional attitude, ability to find a deal that suited me, his hands-on approach to the paperwork and the personal touch of visiting me at my office in London ...

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  • I have only dealt with Steve but I can report that he has been professional, courteous and efficient at all times. I would have no reservations in recommending Steve and Fast Car Finance to anyone ...



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