Credit Score Explained

Learn more about your credit score

When it comes to gaining finance for your new motorbike or car, your credit score will play a big part. Lenders use your credit score and credit history to help make a decision on whether or not they will grant you the finance and also what APR rate is applicable based on the information you provide them.

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Finance lenders will score everyone differently, and also take other factors into account such as affordability when making their decision.

What credit score do I need for motorbike finance?

There is no minimum credit score required to be approved, and there are a number of reasons for this:

All lenders will have different metrics when reviewing a customer’s credit score, they can also use different credit reference agencies when making their decision, and this means a customer's score will be different across the different agencies.

MotoFinance works with a number of lenders that specialise in Poor and Bad credit motorbike finance, which means a low score doesn’t have to mean you will not be able to achieve the finance. Bad credit lenders will take into account more than just a score to base their decision off, as they are used to dealing with customers who have had problems in the past.

What your score means

Having a very high credit score will naturally give you a better chance of securing the finance, although it doesn’t guarantee it, as lenders will also look at what current credit commitments you have to ensure you are not over-exposed and can afford the potential monthly repayments. The MotoFinance team are used to having these conversations and can guide you through all options available.

Below we have listed some examples of how the main credit reference agencies band customers. Please note that this list is just a guide.

Experian

961 – 999 = Excellent
881 – 960 = Good
721 - 880 = Fair
561 – 720 = Poor
0 = 560 = Very Poor

Equifax

800 – 850 = Excellent
740 – 799 = Very Good
670 – 739 = Good
580 – 669 = Fair
300 – 579 = Poor

TransUnion

850 – 781 = Grade A
780 – 720 = Grade B
719 – 658 = Grade C
657 – 601 = Grade D
600 – 300 = Grade E

If I have Bad credit, how can I repair my credit score?

Your credit score is usually reflective of years of activity which is built up from financial behavior over a long period of time. There are certain things you can do in the shorter term to help boost your score.

Register to be on the Voters/Electoral Roll

Make sure that you are ensuring all payments are made on any outstanding debt, avoiding delayed or missed payments

Limit the number of ‘Hard’ Credit searches you have conducted against you

Will taking out a Motorbike Loan improve my credit score?

Taking out finance and servicing it well (By keeping up repayments) can help your credit score in the long run, providing you are keeping on track with any other active credit you have. This will help towards your track record of being a good borrower and can have a positive impact on your overall score.

The team at MotoFinance are on hand to discuss all areas of your application and will endeavor to answer any credit score-related questions you have.

Start your journey to your next motorbike here by taking 2 minutes to complete our free eligibility checker here

Will taking out a Motorbike Loan improve my credit score?

The Bike Finance Experts

The MotoFinance team specialise in motor finance, and specifically motorbike finance. We know the industry inside out and are best placed to help you on your journey from a no obligation quote through to getting the keys and the bike on the road.

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Representative Example: Borrowing £4,500 over 48 months with a representative APR of 22.9%, the annual interest rate of 22.9% (Fixed), and a deposit of £0.00, the monthly payment would be £138.94. The total cost of credit would be £2,169.12, and the total amount payable would be £6,669.12.

Motofinance is a trading style of Scott Hardy Ltd, which is authorised and regulated by the Financial Conduct Authority (FRN: 928906). Registered in England and Wales with Company Registration Number 12678451. The registered address is 4A Mottram Way, Macclesfield, Cheshire, SK10 2DH. Scott Hardy Ltd is also registered with the Information Commissioner's Office (Registration Number ZA773591). All finance is subject to status and income. We act as a credit broker not a lender. We work with a number of carefully selected credit providers who may be able to offer you finance for your purchase. We are not an independent financial advisor and we act as their agent for this introduction. We do not charge you a fee for our services. Whichever lender we introduce you to, we will receive commission from them (either a fixed fee or a fixed percentage of the amount you borrow). For your reassurance, all of the lenders we work with could pay commission at different rates, but the commission we receive does not influence the interest rate you will pay. Our aim is to secure finance for you at the lowest interest rate you are eligible for from our panel of lenders. We will inform you what the commission amount is in good time before the Finance agreement is executed. By continuing to use the site, you consent to the use of cookies. Further information on cookies and how to disable them can be found in our cookie policy.