Car finance calculator
Here at Socialmotors we are confident in our ability to get you the best deal on your next car loan, even if you have had problems in the past. All of the finance that we arrange is tailored to meet your requirements and is subject to a successful affordability check.
We can help you whether you have an excellent credit history in which case we can get you some great low rate finance deals. We can even help if you are self employed or you have had some credit problems in the past.
Our car finance calculator has been designed to provide you with a quick and easy way for you to see just how affordable a car loan could be. It doesn’t matter what your credit history is. It will give you an approximate guide to how much your monthly payment will be. You can extend the term to make sure you can afford to meet the monthly payment required.
We have a very experienced team who are all highly skilled in obtaining the best car credit rates available in the market, we compare finance packages from our extensive panel of lenders to suit all budgets and credit circumstances. We are a well established car finance supermarket and have a long standing relationship with all our lenders, which means we can get you the best deals available.
Borrowing 10,000 over 5 years with a representative APR of 5.5%, an annual interest rate of 5.5% and a deposit of £0.00, the amount payable would be: £190.39 a month, with a total cost of credit of £1,423.40 and a total amount payable of £11,423.40
Excellent credit score; You will qualify for higher credit limits with lower interest rates. People who have an excellent credit usually have been registered on the electoral roll for a considerable length of time. You are more than likely going to be a home owner or long standing council tenant. You will have usually worked for the same employer for a reasonable number of years. You will also more than likely have had significant accounts on their credit files showing loans, credit cards and a mortgage all paid on time. There will be no Bankruptcies, County Court Judgements, defaults or missed payments recorded or numerous credit searches on their credit file.
Good credit score; you are more likely to qualify for lower interest rates and a higher credit limit. Customers who have a good credit score have usually been registered on the electoral roll for a considerable length of time. They are more likely to be a home owner or long standing council tenant. They have usually worked for the same employer for a reasonable number of years. These customers will more than likely have had significant accounts on their credit files showing loans, credit cards and a mortgage all paid on time. There will be no Bankruptcies, County Court Judgements or defaults. There may be one or two slow payments recorded. There wouldn’t be numerous credit searches on their credit file.
Fair credit score; you are likely to qualify for slightly higher rates than customers who have a good credit score. Customers who have a fair credit score may have come off the electoral roll recently, or have an irregular electoral roll history. They may be self-employed or a young person who has a small employment history. They may have higher levels of debt compared to their disposable income. These customers may previously have had a good credit score but have several credit searches carried out against their credit file, over in a short space of time. They may have occasional missed payments on their credit file or occasionally go over their credit limit, on credit or store card accounts. There might be some small and historic County Court Judgements and defaults on their credit file.
Poor, bad, no credit score
Bad credit score; you are likely to qualify for a high interest rate and a lower credit limit. Customers who have a bad credit score can still be approved for a loan. Customers who have a poor credit rating are likely to have County Court Judgements, defaults, problems with their mortgage payments or be on a debt management program. They might not appear on the electoral roll. They might have had several addresses in a short space of time. They may have had long periods of unemployment. These customers are likely to be over their credit limit on credit cards or store cards. They might have a large number of slow or late payments.
If you have a bad or poor credit score, you may want to consider checking your credit report. Socialmotors have partnered with Experian Credit Expert. Click this link to start your Experian Credit Expert free trail.