What is a Credit Rating?

A credit score or credit rating is a tool used by lenders to help determine which rate you qualify for when applying for van finance. It takes into account a variety of aspects including whether you own or rent your home, how long you have been with your employer or self employed, your credit applications and credit card repayments. The level of your credit rating will affect the rate required for you to pay back each month.

Credit Ratings

Excellent

Resident at address for long period with electoral roll record. Homeowner or long-term tenant. With same employer or self employed for long period. Long credit history with mortgage, loans and credit cards. Infrequent credit applications. Credit with no missed payments, defaults or County Court Judgements.

Good

Resident at address for long period with electoral roll record. Homeowner or long-term tenant. With same employer or self employed for long period. Long credit history with mortgage, loans and credit cards. Infrequent credit applications. Credit with few missed payments, defaults or County Court Judgements.

Average

Frequent changes of address with patchy electoral roll record. Recent changes in employment or self employment. More frequent credit applications. High level of debt to estimated income. Occasional late payments or credit cards over limits. Old defaults or County Court Judgements, especially of small value.

Poor

Frequent changes of address with patchy electoral roll record. Recent changes in employment or self employment. Recent (and frequent) credit applications. High level of debt to estimated income. Recent late payments or credit cards over limits. Old defaults or County Court Judgements.

Finding Finance With Bad Credit

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I’ve Been Refused Van Finance

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What is Van Finance

Put simply, van finance allows you to pay monthly for your van as opposed to having to pay a large sum of money upfront. The monthly amount will vary depending on the vehicle you are buying, and the amount of months you are paying for it.

How Fresh Van Finance works

With 5 different finance options available for you to choose from, including Personal Contract Purchase (PCP), Personal Loan, Hire Purchase, Finance Lease and Contract Hire our experienced account managers at Fresh Van Finance can help you make the best decision for financing your van for your business.

Van Finance Explained

Van finance allows you to pay monthly for your van as opposed to having to pay a large sum of money upfront. The monthly amount will vary depending on the vehicle you are buying, and the amount of months you are paying for it. Here at Fresh Van Finance, we have several different finance options for you to choose from to suit your repayment requirements.

Looking for Some Advice?

If you need some advice please fill out the fields and we will get back in touch with you to answer any questions you have.