Refused car finance

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CCJs, defaults, arrears
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Why have you been refused?

Every lender operates a number of checks when deciding whether or not to accept your application for finance – and each lender is likely to use a slightly different system.

Here are some of the reasons why you might have been refused car finance:

  • another lender might have declined a previous application you made – and the simple logic is applied that if your proposed borrowing raised enough concerns for one lender to turn you down, that’s enough for the next one to follow suit;
  • even if it is a first-time application, you might also be declined if you have a poor or bad credit score – that is likely to be the result if you have defaulted on the repayment of previous loans, made an Individual Voluntary Agreement (IVA) with creditors to settle past debts, had County Court Judgments (CCJs) made against you, or been made bankrupt;
  • a poor credit score might even have been recorded simply because you have failed to put your name on the electoral roll – making it difficult for a lender to prove your identity;
  • you might not have enough funds to provide the initial down payment or deposit required by the lender; or
  • you might have been refused a car loan because you are asking to borrow too much in relation to your regular income, or simply because you are unable to provide documentary evidence of that monthly income.

What can you do?

Despite the obstacles which might be thrown up by other lenders, here at CarFinance Plus we will do our best to secure the funds you need, even if you have been refused car finance before, have a poor or bad credit record, or lack the funds to put down as a deposit.

Although there is no such thing as guaranteed car finance, thanks to our close working contacts with specialist lenders, we almost always find a solution, including 0% deposit car finance deals.

In the same way that there is no way to guarantee car finance, it is also impossible to avoid the credit checks on your finances that any lender is going to conduct.

What we can do here at CarFinance Plus, however, is substantially increase the chances of your being accepted by one of our specialist lenders, so avoiding the formal refusal that is only going to make any future application for credit even more difficult.

We do that by conducting our own, preliminary “soft” credit check or “quotation search”, which is based on the financial information you provide to us and therefore allows us to advise you of the likely success of any application, before you take the plunge by making any formal application – it works something like a “pre-clearance” of your formal application.

Helping your application

In the meantime, there are still steps you might take to improve the chances of receiving approval for any application for car finance. These steps range from:

  • improving your credit score – by ensuring that you are on the electoral roll, that there are no errors or omissions in the details kept by the credit reference agencies (for a small fee, you are entitled to view these details) and by making sure to pay any missed or late payments on outstanding loans;
  • increasing the size of any deposit you may be able to offer – so reducing the amount of the loan you need to borrow; or
  • seeking the help of a friend or family member to stand as guarantor for the loan you are seeking.

If you have been refused car finance, have a bad credit score or don’t have the deposit to put down, give us a call today on 0330 043 0033 and discover just how we may be able to help.

Get in touch, we’re here to help

Monday to Saturday (8am to 8pm)
Email: hello@carfinanceplus.com
Telephone: 0330 043 0033

*The car loans are applicable to UK residents only. We do not take applications over the phone. Calls may be monitored or recorded.

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