The repayment calculator is designed to give a representative example of what you can expect when applying for finance. This guide gives an indication of the APR, monthly repayments and total repayments that you may be expected to pay. It includes the ability to adjust the amounts based on your perceived credit history.
What is my credit score?
If you have an excellent credit score, you are likely to qualify for lower interest rates and a higher credit limit. Customers who have an excellent 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, defaults or missed payments recorded or numerous credit searches on their credit file.
If you have a 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.
If you have a 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 or Bad
If you have a 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.
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Please be aware that finance companies base their decisions on an array of differing factors. This calculator is not an offer of finance, an exact payment or APR, or a guarantee that your application will be accepted. Please use the calculator to help you gain some insight into potential repayments, terms and APR and use this calculator as a guide. Credit is subject to status and is not guaranteed. If you require any support then please call our staff who are waiting to assist you in obtaining the best deal to suit your circumstances. This car finance calculator is for illustration purposes only. The interest rate that you receive from your finance provider, or the fees they may charge, can vary significantly depending on your personal circumstances. If you have poor or bad credit you are deemed to be a higher risk to the lender, hence the reason for higher monthly payments. Asset finance and Refinance is a finance broker and arranges finance with lenders on our client’s behalf. Asset finance and refinance does not provide loans and cannot directly calculate the exact cost of your loan. This tool is only a an indicator to help users check potential affordability. Credit is subject to the discretion of the lender, is subject to status and is not guaranteed.
Disclaimer: Asset Finance and Refinance limited act as a licensed credit broker and not a lender, authorised and regulated by the Financial Conduct Authority, registration number 773835. All finance is subject to status and income. Applicants must be 18 or over, terms and conditions apply, guarantees and indemnities may be required. Written quotations on request. Certain exclusions for NI residents. Asset Finance and Refinance Limited can introduce you to a limited number of finance providers based on your credit rating and we may receive a commission for such introductions.
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