How a loan changes your credit score
Loans grow your score when repayments are made on time, and harm it when they're missed. Paying one off can cause a temporary dip, which is normal.
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Loans and car finance
Understand personal loans, vehicle finance, affordability and the effect repayments can have.
6
pieces of guidance
The FCA car finance compensation scheme
If you financed a car, motorbike or van between 6 April 2007 and 1 November 2024, you may be owed money. The average payout is £830, and you have until 31…
The score you need for a personal loan
No set minimum exists in the UK. Lenders assess income, debts and credit history. A low score means higher rates, smaller amounts and shorter terms rather…
The score you need to buy a car
There's no minimum score. Lenders must assess both the risk you won't repay and the risk that repayments would be unaffordable for you.
Unsecured debt explained
Unsecured debt requires no collateral. Approval rests on your credit history rather than an asset, which means higher rates and smaller amounts, but your…
Whether car finance builds your score
Pay on time and car finance builds positive history and diversifies your credit mix. Miss payments and it does lasting damage.