One of the most important processes that occurs when a car finance plan is agreed upon is to undergo a credit check on the would-be driver. But what if this didn’t happen? What if a credit check didn’t take place? Would it prevent the motorist from purchasing a vehicle? Not at all: car finance can be offered even without a credit check, and we will now explain why in more depth.
A credit check is essentially a way for the dealer and finance company to understand a customer’s financial situation. A good credit score means that they are in a strong enough position to be trusted with paying off their particular car deal. A poor credit score can reduce their trust to the point that a deal might not be deemed suitable for the motorist. But won’t it be a problem if a credit check isn’t carried out at all?
No, not necessarily. For starters, not checking credit is a real time-saver, which is often the reason why drivers try to arrange a deal without having to go through a credit check. It also potentially means that those who do have poor credit have a better chance of ending up with a bigger or fancier vehicle, since their credit score will not be a factor in the decision. Simply put, if you are concerned that the lack of a credit check, or the desire to not have a credit check, could prevent a car purchase from happening, then you do not have to worry.
But there are two key things to bear in mind. Without a credit check, you still need to ensure that whatever plan you sign up for is feasible to your financial situation, because if it isn’t, it will result in future headaches, not least your attempts to try and engineer another check-less purchase years down the line. And when we suggest that you can arrange car finance without a credit check, this is with the blessing of the dealer and the terms that they operate under; it does not mean a situation where a dealer or finance company does request to see your credit score and you try to turn them down. Attempting to do so is unlikely to lead to a deal being approved, and could only add unnecessary stress.
Nevertheless, as we have outlined, it is entirely possible to arrange a car finance plan without the requirement of a credit check. Want to know more? Call us on 01925 230360.
Finally, of course, you are welcome to visit our used car dealership in Warrington, Cheshire. You’ll find us on Hawleys Lane (WA2 8JP is the postcode to put into your satnav) and we are open 9am-8pm weekdays, 9am-6pm Saturdays and 10am-6pm on Sundays.