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Car Finance Soft Search

Get the right car finance

  • Competitive PCP & Hire Purchase quotes from an extensive panel of lenders
  • Get the best available rates on cars from £15,000 – £250,000
  • Use a Trustpilot 5-Star rated team with expert knowledge
  • Rates from 8.9% APR
  • Representative APR 9.9%*

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Soft Search Car Finance


Learn About Soft Search Car Finance

Are you planning on purchasing a new or used vehicle? Car finance allows you to spread the cost, rather than paying the full amount in one go. This offers consumers peace of mind and flexibility by lowering the barrier of entry to vehicle ownership. Continue reading our Quotezone.co.uk guide to soft search car finance.

 

What is Soft Search Car Finance?

When applying for finance products, lenders perform a credit check. There are two types of checks:

  • Hard Search – This appears when you submit an application for finance. Credit reference agencies (CRAs) and lenders can see you applied for finance, but not the outcome of the application itself.
  • Soft Search – These are used for quotations, allowing lenders to estimate your credit limit and interest rate before you apply for finance using basic credit information.
How Does Car Finance With Soft Search Work?

Soft search car finance is a great way to compare prices and quotes between multiple lenders. It allows you to scout the market without the damage associated with consecutive hard searches. Each lender will offer different credit limits and interest rates.

 

Why Am I Seeing So Many Soft Searches When Comparing Car Finance?

If you use a price comparison website like Quotezone, you will see multiple soft searches in your credit report. This is because we soft search with numerous lenders simultaneously to find the most suitable APR and credit limit for your circumstances.

 

Is There a Limit To Soft Search for Car Finance?

No. You can use as many soft searches as you like, as often as you like.

Soft searches allow consumers to shop around and compare deals.

 

Is Hard Search or Soft Search Car Finance Better?

A soft search looks at limited information in your credit report, helping lenders to assess your suitability for finance. It does not impact your credit rating.

A hard search remains on your credit record for 12 months. Too many consecutive hard searches in a short time will damage your credit score because it shows a reliance on finance products which is risky for lenders.

 

Where Does Soft Search Car Finance Information Come From?

When you apply for car finance with soft search, information comes from one of four major credit referencing agencies (CRAs) in the United Kingdom:

  • Equifax
  • TransUnion (previously Callcredit)
  • Experian
  • Crediva

You can check your credit report using the following services:

  • Clearscore (free) – Equifax
  • TotallyMoney (free) – TransUnion, Experian
  • Credit Karma (free) – TransUnion
  • checkmyfile (paid) – Equifax, TransUnion, Experian, Crediva

 

Do You Need to Pay a Fee for Car Finance Soft Search?

No. Soft searches are used to provide quotes and estimates for car finance products.

Quotezone allows you to compare car finance deals for free and find your personalised rate from our diverse panel of more than 34 lenders.

 

Can Applying for Car Finance With Soft Search Help Me?

Soft search credit checks are used to verify your affordability and suitability for car finance.

With a good credit score, you’re classed as a prime applicant giving you access to APR as low as 6.9% for car finance, with a transparent “real rate” offer.

If your credit history isn’t perfect, don’t worry! You may still be eligible for car finance as a subprime applicant. Our team uses soft searches to compare deals between more than 34 lenders. This increases the likelihood of finding a suitable car finance deal.

*Representative Example – Personal Contract Purchase: Cash Price £15,000.00, Deposit £500.00, borrowing £14,500.00 over 4 years at 8.9% Representative APR (fixed). 47 monthly payments of £228.99 followed by a final payment of £7,560.00. Total cost of credit of £3,832.53 and total amount payable of £18,832.53. Based on 8,000 miles per annum, excess mileage charges will apply if this is exceeded. Finance subject to status 18+ only. We are a credit broker and not a lender. Magnitude Finance is a trading style of DSG Financial Services Ltd. DSG Financial Services Ltd is a company registered in England & Wales with a company number 02313903. Our VAT registration number is 511678843. DSG Financial Services Ltd is authorised and regulated by the Financial Conduct Authority under firm reference number 649675

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