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Knowing your credit rating is crucial in securing a great finance option. Entering incorrect credit history information in your application can affect the finance option you're offered. A free credit check allows you to view your credit history, highlighting potential inaccuracies or fraudulent activity and advising you on ways to improve your credit rating, if poor. Being declined by lenders affects how future lenders view you, so knowing your credit rating before applying helps you get the loan you want, first time round.
Get a free credit checkUnsecured loans are available for up to £25,000 and are un-tied to any guarantees, meaning less risk for you. Caravan Trader compares over 200 loan rates to find you the lowest interest rates, enabling you to borrow money to buy a caravan and pay off the loan in fixed monthly repayments, risk-free. Knowing your credit rating beforehand helps obtain the best unsecured loan for you.
Compare unsecured loans | Get a free credit checkSecured personal loans enable you to borrow larger sums of money - generally for over £20,000 - by securing them against an asset such as your home or vehicle. This gives the lender more confidence in lending you money and increases your chances of getting the loan. If you're thinking of buying a new caravan, you can secure a loan against the caravan you wish to buy with low interest fixed monthly repayments over a fixed period of time.
Compare secured loans | Get a free credit checkIf you are only actually short of between £500 - £3,000, getting a credit card is another way of borrowing money to make a quick and hassle-free purchase. In the same way that ordinary loans work, you make monthly repayments to pay back the borrowed money. Caravan Trader finds credit card offerings with 0% purchase offers, helping you to find a repayment plan that meets your needs.
Find a credit card offer | Get a free credit checkWith several types of loans to choose from, knowing which one is right for you can be difficult. That's why Caravan Trader has teamed up with Money Expert to compare over 200 loans and do the hard work for you.
You start by answering a few simple questions, based on which, our comparator tool automatically compares over 200 loans to find a finance option that suits your needs.
Knowing your credit rating before submitting your answers helps us match the correct finance option to you. Entering the incorrect information regarding your credit rating can affect the finance option you're offered.
A good credit rating gives lenders confidence in you as a borrower, providing you with access to better loan rates. The following factors contribute to a 'good' credit rating:
A bad credit rating can make it more difficult to access good loan rates, but doesn't necessarily mean no lenders will be prepared to loan you money. The following factors contribute to a bad credit rating:
You can get tips for improving your credit rating with a free credit check.
Your credit rating affects your loan application from the initial enquiry stages though to the application process. For example, when asked to provide your credit rating, entering the incorrect information can affect the finance option you're offered, which is why getting a credit check before applying helps obtain the best finance option for you.
Lenders use your credit rating to ascertain how reliable you are to borrow money. A good credit rating goes a long way to secure a loan, and a bad credit rating can deter lenders from accepting your application.
However, all sorts of factors can affect your credit rating, including ones that are unrelated to your personal financial history. No credit history at all can have a negative impact on your rating. Being declined credit and making several reapplications thereafter also deters lenders from accepting your loan application, so getting a credit check beforehand is highly recommended.
When you apply for a loan, the lender builds a credit rating around your application to ascertain whether you are a reliable borrower. This involves examining your past and present credit commitments, and how well you have met them.
From this analysis, lenders compile a number which represents the quantifiable risk you present in being loaned money. If your score meets or exceeds this number, you should be offered the loan.