The Finance365 guide to checking your credit score when applying for vehicle finance
Your credit score is more than just another number to count – it’s the one you need to count on for your financial wellness.
This is particularly true when applying for vehicle finance, which is why Finance365 has developed this guide to checking your credit score.
The guide outlines why your credit score matters when applying for vehicle finance and shows you how to check your credit score hassle-free and for free, for life with Finance365.
What is my credit score?
Your credit score is a financial score that rates your creditworthiness for any bank or credit provider.
This means it rates how trustworthy you are when it comes to borrowing money and paying it back on time.
Our financial wellness coaches like to explain it as being a summary of your financial strengths and weaknesses; an indication of your credit worthiness to credit providers.
Without a doubt, we see it as your most powerful tool when applying for vehicle finance.
At Finance365, we source your credit report from leading credit bureaux XDS, from which credit scores in South Africa range from 300 to 950 – a figure that is based on your credit history, payment behaviour, and other financial activities.
What’s important to know is the higher your score, the better, as it gives lenders the confidence that you can afford to and will make your vehicle finance payments.
How do I check my credit score?
First, visit the Finance365 website.
Next, create your profile by clicking on the “Register” button.
It’s pretty easy to do – the information you need to fill in is your name and surname, South African ID number, local cell number and email address.
Once you’ve entered these five pieces of information correctly, you will get a validation code via SMS from us.
Once you’ve created your profile, as quickly and easily as that, your credit score is calculated and displayed on your screen as a number within a coloured circle that shows how close it is to the top score of 950.
At this point, you will also see an indication of a target score recommendation.
How good is my credit score?
Indications of whether a score is excellent, or poor can vary between the major credit bureaus – which in South Africa include XDS, TransUnion, and Experian.
A typical guideline would be:
- Excellent (800 – 950) – You have a high likelihood of securing credit with favourable terms.
- Good (670 – 799) – You are generally considered creditworthy.
- Fair (580 – 669) – You could face challenges securing credit.
- Room to improve (300 – 579) – Lenders may consider you a high risk, making it difficult to get vehicle finance.
Overall, maintaining a score above 670 tends to be considered good.
Scores below this may make it harder to obtain vehicle financing or will result in higher interest rates.
Once you have received your score, Finance365 offers a useful feature that sends you free alerts whenever there’s a change to your credit score.
This ensures you’re always informed and can take proactive steps to manage your credit score effectively.
What else does Finance365 offer?
You can get even more than just your credit score from Finance365.
The Finance365 platform provides you with an unlimited number of free credit checks, easy-to-understand guidance for interpreting your credit report, and personalised advice from our financial wellness coaches to help you consistently improve your financial health.
No matter where you stand in your credit status, we’re here to help you find your financial wellness footing by taking your best steps – every step of the way.
You’ve got this – and you’ve got us to walk alongside you!
Take the next step by getting your credit score with Finance365 and open the door to buying your dream car.
Improve your credit score today.
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