Help & Advice

Refused Volkswagen Finance

Morning, please can you advise the minimum credit score which Volkswagen Finance accept? I have had 2 previous finance agreements with VW with no late payments (£15k finance on last) but have been refused for a 3rd.

Dean


Answer

Morning Dean, thank you for your question.

I do know that VW are extremely cautious with their lending criteria and if you've had any missed payments recently on any financial commitments they would likely decline you for finance. I don't know an exact credit score of which you need to be approved however, i'd imagine it would be in the 900 region (with Experian).

Sometimes a finance company can decline you if they think you're over committed too. This happens quite a lot whereby people can have immaculate credit but be a little over stretched with credit cards and loans etc.

Anyway, please apply when you're ready as I'm confident we could get you approved as we have many lenders on our panel. Once approved we provide a no obligation quote and you can buy a car from any dealer. Enjoy your Sunday!

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

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