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What Is Soft Search Car Finance?

by | Dec 11, 2020 | Car Finance | 0 comments

What Is Soft Search Car Finance?


We’ll perform what’s considered a “soft search” if you request auto finance with us. Your credit score is not impacted by this form of credit check which is visible to but cannot be seen by other creditors or finance companies.


Soft Search Car Finance For Different Types Of Borrowers


For people who have trouble with their credit score, our soft check vehicle finance is ideal.

We strive hard to provide you with car financing offers that suit your unique situation. Thus, we partner with lenders that are more than willing to help applicants with their loan needs preferably in getting cars they like.


Were you denied financing?


There are several factors why automobile financing could be refused, therefore now we will look at some of the more likely causes and what can be done to boost your odds of acceptance for car credit:


Previous Financial Problems


The most likely causes of being rejected are defaults, late payments, CCJs, and no credit history.

IVAs and Bankruptcy- We are willing to receive your request if you’ve been through an IVA in the past but it is now resolved.

We will require written assurance from the insolvency practitioner that you are permitted to loan again if you still have an IVA, so if you want to apply for car financing, it may be best to ask your IVA company beforehand if they will provide this. 

If you’re discharged for a year from bankruptcy, then we are willing to accept your loan request.


Credit Score Check for Car Loans


Unfortunately, if you’re still bankrupt, we’re unable to assist you during this time. However, if you’ve been cleared for a year, you’re free to apply with us for your car finance interest.

We deal with creditors who are happy to consider individuals with less than stellar credit records or score, despite possessing the debt issues mentioned earlier.


To improve your chances, what can you do?


Close the gap on any payments missed. Are you capable of making additional payments to help compensate for the payments you missed?

Make a deposit. Although this isn’t necessarily important information, if you have a history of bad credit, it generally helps when apply for a car credit or finance.

Also, ensure that you’re on the voting registry. 


FAQs About Vehicle Finance – Soft and Hard Search


What is the meaning of ‘soft search’?


A lender would typically have to perform a credit background review and compare while approving a financing application.

The search is reflected in their credit report if a full credit check is performed when a client requests car financing or other auto loans. A soft search car finance request, however, ensures that others are unable to see the query, so your credit rating will not be impacted.

Soft searches are comparatively modern and are currently the easiest way to request van financing or any kind of car finance.


What is the meaning of ‘hard search’?


Hard credit checks allow other creditors to find out that the borrower is seeking financing.

Some loan providers may be less inclined to give credit if some searches are registered on a credit profile because it is often seen as a risk.