Help & Advice

Refused for finance by MotoNovo - What are my options?

Hi Rachel, I've tried to apply for car finance today through a high street dealer (the company they used were called Motonovo?) but I was declined.

I have a credit score of 478 (checked through Equifax) and I earn £36000 a year in a very stable job. My bad credit score is due to paying for a wedding on credit cards and having a motorbike on HP.

I'm looking to trade my car in for something a bit newer (it's a Ford C-Max worth about £1800, and I'm looking to borrow £5k on top of the part-ex to get a Saab 9-3 estate). I can easily afford the monthly payments if I had the loan over 3-4 years. Is this going to be viable or is my score too low? Many thanks for any help in advance.

James


Answer

Hi James, thank you for your question.

As you have a good income, a stable job, some current clean credit and a fair credit score i'm more than confident that we can help get you approved.

As the UK's leading online broker we have access to many financial products and lenders including those that can help people with past or current credit issues. £5000 shouldn't be an issue at all and your part exchange can be used as full deposit.

Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. 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

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

Hitatchi

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender