Question of the week: Do you get credit checked for car subscription?

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Photo of a hand with money placed in the palm, the person is sat in a car.

This week’s question comes from Asif from Bradford “Do you get credit checked for car subscription?”

Credit Checks

We have already covered car subscriptions and credit checks in a previous article, but we thought we’d go over this question plus a few others that we tend to receive on a daily basis.

Yes, car subscription companies do carry out credit checks using one of the main credit reference agencies, this could be Experian, Equifax or Transunion, depending on where they subscribe to.

Vehicle Subscription providers have an obligation to ensure that you are able to afford and maintain your car during the contract. And whilst not all providers will use your credit score for accepting you on finance, the check is required to comply with anti-money laundering and where required, the FCA.

Affordability Checks

Some of the providers will provide an affordability check, this system either digital or manual, will go through your submitted bank statements. They will assess them to see what your incoming and outgoings are, things that can go against you will include:

  • Bounced Direct Debits
  • Payments to Gambling Websites
  • Payments to Debt Collection Agencies
  • Going over agreed Overdraft

What if I’ve got Bad Credit?

Not all of the subscription providers listed on our website will be able to help you if you have Bad Credit, but it might be a good idea to find out more about one of our Partners by clicking the highlighted link.

Our partners can carry out affordability checks to find you a car that should suit your needs and requirements, it is free to try and there is no obligation.

What is I’m an Expat?

Again, we have a bank of specialist expat car subscription providers in the UK who will look after your needs. Many of the firms are able to carry out credit checks in your own country making getting a vehicle subscription quite easy. Click on the highlighted link for more information.

Compare Car Subscriptions

Easily compare car subscription providers in the UK using our website, click to go through to the provider’s website or use the enquiry forms on the pages if you cannot find the information you need.

Patty Atindehou

Patty is the content writer for Car-Subscriptions.co.uk and loves her cars and the automotive industry in general. She worked for large dealer groups in the United Kingdom and the USA specialising in high-end and premium vehicles. Her goal is to provide the most interesting information on the vehicle subscription industry.

Article Details

Post Published: August 5, 2022
Post Last Updated: November 15, 2023
Article Categories: , ,
Read Time: 2 minute(s)