Should You Perform A Soft Search?
Buying a car using a finance deal can be demoralising at times, especially if you have been rejected due to a bad credit score. Here, we look at soft searches and why they may be the answer to your problem…
Being rejected for credit can be a vicious cycle. That is because any application that you make which is rejected will be recorded and remain on your credit history.
Too many applications in a short space of time can result in even more rejections, as credit lenders worry that your need of credit is because you are in financial difficulty.
This is where soft searches come into play. A soft search allows you to check which credit deals you are most eligible for, but it won’taffect your credit score. This is very useful, as it will stop you applying for products that you simply will not get and damaging your credit score.
You can perform as many soft searches as you like, so there really is no reason not to. By filtering out credit deals that will reject you, are able to create a shortlist of relevant products that may approve you and lead to a successful credit application.
Of course, soft checks do not eliminate the reason that you may have been rejected in the past. Their sole purpose is to allow you to view lenders that are more likely to approve you. If you haven’t already, it may be worth checking your credit file to make sure that there are no mistakes that are discouraging lenders from offering you a deal.
When it comes to buying a used vehicle, many people are now opting for car finance as it provides a much more manageable way to buy a vehicle. Performing a soft search before applying for any financial deal will help you to gauge the likelihood of being accepted and can help you to maintain your credit score (rather than harming it with continuous checks).
If you are looking for finance to fund a new vehicle, contact the team at Stephen James, where we specialise in a range of quality used BMW and used MINI in London.