Diagnosis: Excellent Credit Rating

I think I have an excellent credit rating

Congratulations! You have an Excellent credit rating, the best rating possible. But what does this mean and how can it benefit a car finance application?

If you'd like to view other credit ratings, you can find them all in the Diagnosis Centre.

What is an Excellent credit rating?

An Excellent credit rating means that you have a proven, traceable history with very few or zero negative impacts on your credit file. This means no bankruptcies, no missed payments, no CCJs (County Court Judgements), and very little or properly managed debt. To understand more about what can impact your excellent credit rating, please visit our Causes section

What does it mean for me?

Having an Excellent credit rating shows that you're more likely to be able to meet all of your payments. This means that you're a more desirable customer and so will be offered the best possible interest rate (APR) available in a bid to attract you to use their service. Even though you can afford to pay more, you'll end up paying less than those with a lower credit rating.

What does it mean to creditors?

An Excellent credit rating shows that you're not a financial risk for creditors and that you'll pay on time without any problems or delays. You're the ideal customer because you're a risk-free prospect who will make the company money.

What does it mean for my car finance application?

When we compare car finance across our providers, having an Excellent credit rating will make you an attractive proposition and so the interest rates (APR) will be lower. It can also mean lower monthly payments, a smaller deposit needed upfront, and you'll have more choice with the car you want to finance.

Want to see the symptoms of a Bad credit rating?

To see what can negatively affect your credit rating, visit our Causes section for a list of potential problems. To make sure you keep your excellent credit rating in good shape, view the useful resources available.