Help & Advice

Refused credit by Black Horse for PCP can you help?

I've just been refused credit on a new Range Rover Evoque (waiting in dealership), by Northbridge (their preferred co) and Black Horse.

I've looked at my experian credit report and have 2 mortgage arrears still listed from 6 months ago, which were immediately cleared by us, as my other half wasn't managing our accounts properly as he wasn't well.

However, this has dropped my credit rating to "fair" and is currently 790. I earn over £53k a year basic, plus approx £10k bonus pa, plus a car allowance of £740 a month, but the company i work for specify that i must have a PCP not PCH. I currently have a PCP running (never defaulted) with Santander for my current Freelander, which I would P/ex (should be about 2k in it) to use as deposit.

I have previously had 2 to 3 year PCPs with no defaults. My Mum is happy to stand as a guarantor / joint applicant if needed. She would have an A1 credit history. Can you help, and quickly as need decision in next 48 hours? Thanks.

Katie F


Answer

Katie, huge apologies for not getting back to you sooner.

I'm confident we could be able to help but, i was away last week so obviously this reply is very late. Are you still in need of the PCP or have you found a deal elsewhere?

Kind Regards, Rachel

Answer correct as of September 2016

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Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83.

Rates may differ as they are dependent on individual circumstances. Subject to status.

CarFinance 247 is a broker and not a lender

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More related questions

Hi, I currently have a car on finance with blackhorse which I'll have had 2 years come July.

I really want to change my car but I'm stuck with this car because I keep getting refused finance. I've never missed a payment with black horse, I work full-time and I've only had some late payments recently with my phone bill and broadband and i'm a bit behind on my credit card payments but I'm sorting that out after this month.

Is there any way you can help me out?

Answer

Hi Gary, we may be able to get you approved but it sounds like your credit history on paper doesn't look so great.

Unfortunately, lenders don't look kindly on missed payments. Have you looked into how much you owe on finance and what your current car is currently worth? You say you're 2 years into your agreement - how long did you take the agreement over initially?

If we do get you approved the interest rates will be between 12% and 18%. It may be best to get on top of your credit history first and get everything up to date before applying for a car loan. We may well then be able to secure you better rates but we can't guarantee anything. Where have you applied and been declined? Kind Regards, Rachel

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Hi, i've got an experian credit score in the "Good" category of 843, i have no missed payments on anything in the last 6 years, i'm on the electoral roll for the last 11 years, banked with same bank for 21 years and never go overdrawn. I'm on £54,500 per annum, have 2 credit cards on file, one with limit 2k but 2k available, one with limit 7k with 4k available, will pay off other 3k next week. I just applied for a car through Black Horse for £24k putting down £10k deposit and got rejected. I cannot understand why? Can anything be done with any other lenders?

Answer

Hi Suzanne, i'm surprised you've been declined if i'm honest! We'd definitely be able to help. Have you tried elsewhere yet? Please let me know asap. What car are you after? Rachel

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It was for jaguar XK portfolio, price £34,950 - I have jaguar xf 59 plate that they offered me £20,000 for and it has £8k finance remaining. They said they tried jaguar finance also. Having tried to delve into the problem with black horse they informed me that I passed the credit score but went to manual underwriter who declined the deal. Possibly due to a financial link as my partner doesn't have as good a credit as I do, or down to debt to income ratio, as I make £1000 pcm overpayments on my rbs mortgage, this shows on my credit report. I have got rbs to update my credit report now though, but don't know who to try now as constant credit checks are not helping my credit file?

Answer

Hi Suzanne, the links shouldn't really effect the situation to be honest. We have a few more lenders that would be able to help due to your deposit amount. Have you got your mind on a specific car that you have seen? Rachel

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I was recently refused a PCP credit with Alphera on a 2012 plate nearly new Hyundai i30. I was using the equity in my part ex as deposit and paying another £500. I have never missed a car payment nor mortgage payment in my life, have £65k equity in my house, £9k in my bank account and the new PCP payments are nearly the same as I have currently been paying on my present PCP for the past 3 years. I get a car allowance in my new job and need to change my car as I have to have one under 4 years old and my current car is approaching that shortly. What can I do now I have been refused?

Answer

Hi Karen, don't worry - Alphera can be very picky but we have other prime lenders that can help. Please make an application on our website when you get 3 minutes and supply me with the reference number. When approved with us you can choose your car from any dealer and we'll send the funds direct to the dealer and organise all the paperwork. Kind Regards, Rachel

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Hi there, I currently have a car on finance with Black Horse. I have 2 years remaining of a 5 year finance agreement and I am looking to swap my car for a newer model. My credit rating is not great, and i have a fear of applying incase i am declined. Do Black Horse offer a guarantee? If so how does it work? My current car is valued at £3100 and my settlement figure is £3056? Thanks for any advice, Tina

Answer

Hi Tina, sorry for the delay in responding. If your credit rating has deteriorated since you took out your car finance agreement with Black Horse then it is unlikely that they will approve you - i could be wrong so you are free to try obviously. They don't offer any guarantees unfortunately even if you have paid them back on time every month. The good news is though we'll be able to help and we only carry out one credit search and then try and get you placed with the best lender to meet your circumstances. If you get approved with one of our lenders (and i'm confident we can help) you are then free to choose your new car from any dealer nationwide. The dealer would take your current car in part exchange and settle any existing finance with Black Horse. I hope that helps. Kind Regards, Rachel

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Hi, I have been refused credit by Blackhorse and the only reason I can see why this may be is that I moved earlier this year and due to the annual canvas. My Electoral Roll registration is not showing on my credit file, even though I am registered. Can you help?

Answer

Hi Dave, we can certainly try and help even though you've been declined by BlackHorse. We have plenty of lenders on our panel that write deeper than Blackhorse so please apply when you get 3 minutes. Have a good evening. Rachel

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I currently have a car loan with Black Horse which was taken out before I set up the DMP 2 years ago.

The car now has 86000 miles and will need replacing soon. Black Horse has refused a loan even though the £530 monthly payment has been paid without any issues.

Although I am retired my wife has a good income. We have £3600 income nett monthly. I am on the electoral roll but my wife who is American is not but she has being paying council tax since arriving here in Feb 2011. Can you help?

Answer

Hi Malcolm,

Thank you for your question. I am confident we can help if you make a joint application alongside your wide. As you have a debt management plan in place we wouldn't be able to help you on your own as your are retired.

However, taking your wife's income into account this should swing the pendulum in our favour. We do also have lenders that help people with past credit issues.

Please make an application when you get a moment. Kind Regards, Rachel

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Rachel Wilson, Underwriting manager

Asset 1 Just get in touch,

we'll try to help Asset 2

Rachel Wilson, Underwriting Manager

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83.

Rates may differ as they are dependent on individual circumstances. Subject to status.

CarFinance 247 is a broker and not a lender

We compare products from 18 of the UK's top lenders to get you the best deal.