When you apply for car finance with Carvine, we’ll run what’s called a “soft search”, which, although visible to you, isn’t visible to other lenders or finance companies. This type of credit search doesn’t affect your credit score.
Representative APR of 27.9%Soft checks All credit types accepted CCJs, Defaults, Self-Employed
Representative Finance Example:
Borrowing £7,500 over 4 years with a representative APR of 27.9%, an annual interest rate of 27.9% (Fixed) and no deposit, the amount repayable would be £244.77 per month, and total cost of credit would be £4,248.96 and the total amount payable would be £11,748.97*
*Your rate may differ from the above illustration due to your individual circumstances. All credit subject to status.
We are a broker, not a lender.
Soft Search Car Finance Is Designed For You
Our soft search car finance is perfect for people who want to work on their credit score.
We’ve carefully selected the lenders we work with to include ones who are happy to consider applicants in any financial situation and we’ll always try and find you a car finance deal which is right for your circumstances.
Have You Been Declined Finance?
There are many reasons why you might have been declined for car finance so here we’ll go through some of the most common reasons and what you can do to increase your chances of acceptance:
Past Financial Problems
CCJs, Defaults, Missed payments and no credit history are the most common reasons for being declined.
Bankruptcy and IVAs – If you have been under an IVA in the past and it is now settled, we are happy to consider your application.
If you have an IVA at the moment we might need written confirmation from your insolvency practitioner that you’re allowed to borrow again, so if you wish to apply then it might be worth asking your IVA company first if they will provide this.
If you have been discharged from bankruptcy for a clear 12 months then we’re happy to consider your application.
If you’re currently bankrupt then, unfortunately, we won’t be able to help you at this point in time, but once you’ve been discharged for a year you are welcome to apply for car finance through us.
Despite having the credit problems above, we work with lenders who are happy to consider people with less than perfect credit histories.
What Can You Do To Increase Your Chances
Catch up any missed payments. Can you make an extra payment to make up for ones you’ve missed?
Provide a deposit. While this isn’t always necessary, it usually helps if you have poor credit.
Also, make sure you are on the electoral roll.
Representative APR of 27.9%
Soft Search Car Finance FAQs
When considering a finance application, a lender will usually have to carry out a credit history check.
If a full credit check is done when a customer applies for car finance or any car loans, this search is recorded on their credit file. However, a soft search car finance application means others cannot see the search – so your credit score is not affected.
Soft searches are relatively new and offer the safest way to apply for car finance.
A hard credit search lets other lenders know that the applicant is searching for finance.
If quite a few searches are recorded on a credit file other lenders might be less inclined to offer credit as it’s sometimes viewed as more of a risk.