No. Getting your personalised quotes with Driva won’t have any impact on your credit score.

When you get your quotes, Driva runs a ‘soft credit check’. This means we’re able to access the credit score that lenders will use to price your personal loan, without recording an inquiry on your file or impacting your score in any way.

Once you’ve decided on your preferred lender, submitted your final application to Driva, and we’ve checked to make sure you’re likely to be approved, only then will we share your application with your chosen lender.

The interest rate represents the borrowing cost, while the comparison rate incorporates additional fees and charges associated with the loan. A comparison rate is a rate you can use to help work out the true cost of a loan. While it doesn’t include fees such as stamp duty, it does include almost all of the fees lenders will charge you.

The comparison rate is the key metric to keep an eye out for when comparing your car or personal loan quotes from Driva. We clearly specify the comparison rate of every quote we provide to you so you can quickly see which loan will cost you less.

Personal loans are versatile and can be tailored for various uses, such as debt consolidation, home improvements, medical expenses, and education. The specific loan amount and terms will depend on your financial needs and goals.

• Debt Consolidation: Combine multiple debts into one with regular repayments.
• Home Improvements: Fund renovations to enhance your living space.
• Education & Major Purchases: Invest in personal or professional growth, or make significant purchases like vehicles.

There are a number of caravan finance options available, from personal loans to secured loans, and the easiest way to find out which ones you’re eligible for is to get a quote online. You’ll just need to tell us a few details about yourself and the type of caravan you’re looking to buy, and we can give you personalised rates in just minutes. Whether you’re looking for a secured loan on an RV or a commercial loan to finance a caravan for your new business, Driva has you covered.

Your credit history is a crucial factor in determining the interest rates you are offered when applying for a personal loan. Lenders evaluate your creditworthiness primarily through your credit score, which reflects your past credit conduct and adherence to credit terms and conditions. A higher credit score generally leads to more favourable interest rates, which can significantly enhance your loan affordability.

Detailed Implications:

• Lower Interest Rates: A robust credit history often results in lower interest rates because it signals to lenders that you are a low-risk borrower. This can reduce the total cost of the loan over its term.
• Loan Terms Flexibility: Borrowers with strong credit scores might also enjoy more favourable loan terms, including longer loan terms or more flexible repayment options.
• Lender Considerations: While your credit score is pivotal, lenders also consider other factors such as your income, employment status, and living situation. These elements help lenders assess your ability to repay the loan.

Fee Structure:

• Understanding Fees and Charges: It’s essential to understand that the examples given may not include all fees and charges. Potential borrowers should carefully review the terms and conditions associated with a loan to ensure they are aware of all costs involved.
• Different Comparisons: Comparing different loan offers is advisable, as terms can vary widely between lenders. Each comparison should consider how different lenders weigh credit scores against other factors.

By maintaining a positive credit history and understanding how various elements affect your loan offer, you can better position yourself to secure a personal loan with terms that suit your financial situation. Remember, the examples given and may not include all fees and charges, so always review the full terms offered by each lender.