Sign in to the member area

Why Have I Been Refused For Car Finance?

Hi , i've been looking for a car on finance for the last 2 weeks. I have been to two local car companies and was refused finance on a £5000 car with a £1000 deposit.

I don't know why i have been refused. I am only 21 but i do work full time. Is there any way you can help? Thank you, Donna

Asked by Donna

Hi Donna, there could be numerous reasons why you have been refused such as your age, weak or no credit history and electoral roll presence to name the most common.

You seem to have a big deposit so there shouldn't be an issue on that front and you say you work full time so affordability shouldn't be a problem either. Can you tell me where you have applied (which finance companies) and it'll give me an indication on whether we can help you out?

Are you on the electoral roll at your current address and do you have any current active credit profiles such as loans, credit cards or store cards? If so, 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

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 54 People

Can't find the right answer?

Our Manchester based team are ready to help you.