Used Cars | Add your PX as a Deposit | Approved UK Dealers

Depending on the amount you owe, there is a likelihood your new agreement’s term will be extended beyond your existing arrangement. Subject to status. The renewal of a new agreement is subject to underwriting conditions and may not always be possible. Payment Swap is a registered trademark brand, operated in accordance with FCA guidelines. Automotive Media Ltd is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 757685). Automotive Media Ltd is a firm registered in England and Wales under company number 9679212. All rights reserved. Written quotations detailing a choice of finance lenders will be made available from Automotive Media Ltd, who are a credit broker and not a lender and whose name is listed on the FCA register.

Credit Ratings Explained

If you're not sure what your credit rating is see below for more information about what category you might fall in.

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.

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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