Help & Advice

Declined by car dealer for finance

Hello, I'm half way through a debt management plan and have been refused car finance through a car dealer.

I've been approved via a broker however but at a high interest rate. Is it worth going to another dealer as they offer a range of finance packages or does one refusal mean I'd also be refused elsewhere?

Sue


Answer

Hi Sue, a great question and apologies for the delayed response.

In short brokers have more access to lenders than car dealers. Car Dealers tend to have 2 or 3 relationships with car finance companies whereas brokers such as ourselves have access to over 20+ lenders.

We'd love the chance to be able to help and if approved with us, you can select you car from any reputable dealership nationwide. The choice is yours, but as one of the UK's most established online brokers, we'd be hopeful that we could offer you a great finance deal.

I look forward to your response and if you do choose to apply with us,we provide a no obligation quote if approved. Please make an application when you are ready. 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

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

More related questions

Hello, I failed the finance check with a local Nissan dealer in Reading but they have already given me the delivery date for the car.

I have signed all the documents and I am supposed to pay in a months time. They called me the next day to say i had been declined and gave me the option that i can loan the money from elsewhere. I need £16450. Can you guys help me please?

Answer

Hi Mashelle, thank you for your question.

We'd love to try and help resolve the situation you're currently in and we do have many lenders on our panel. Did the Nissan dealer give you any reason as to why they declined you? It'd be interesting to see what the said.

As you're after a large amount, the lenders will look for you to have an income that can support related monthly repayments - would you have 3 months payslips to hand if requested to prove your income? Having a deposit would be of benefit too, if possible. I think that we should be able to help you with the finance requested, so when you're ready, please make an application and we'll see what we can do for you. Kind Regards, Rachel

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Hi, I have 2 recent CCJ's and looking to buy a car but not from companies like ACF and Credit Car Sales but choose what car i like. I want to spend £5000 and I'm fully employed. Thanks

Answer

Hi Guy, thank you for your question.

Many of our lenders can provide finance to those with previous credit issues, including CCJs, so this isn't necessarily an issue. As you are in full-time employment, £5000 is an amount that should be achievable, provided we initially get you approved with a lender.

Please make an application and, if approved, you can choose a car from any reputable dealership and we also provide a no obligation quote. Kind Regards, Rachel

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Hi there, I have a credit rating of 752 (fair) and have just been accepted for a credit card from capital one.

I can afford a loan repayment of around £300 per month. What are my chances of being accepted for finance? Thanks

Answer

Hi Isabella, thank you for your question.

As you have a fair credit score and have just been accepted for a credit card I'm reasonably confident that we can get you approved for car finance too.

Please make an application and, if approved, you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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I'm currently in an IVA and i'm currently paying £330 a month to Moneybarn for my Honda Civic

My monthly income is £1800 net and my car is nearly paid. I wanted to part ex my car but have been refused credit at a car dealer. Could you be of any help? Thank you

Answer

Hi Heather, thank you for your question.

The good news is that we do have lenders on our panel that can help those currently in IVAs with finance, so we may be able to help.

We also deal with Moneybarn, so may well be able to get you re-approved and as you have a good income this will go in your favour.

Please make an application and, if approved, you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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I have been refused car finance in the past, and have a bad credit rating. What are my chances of getting finance with you?

Answer

Hi Laura, thank you for your question.

We actually work with a number of lenders that specialise in providing finance to those in circumstance very similar to your own, so we may well be able to help! Are you on the voters roll? This would help us to get you an approval.

Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. 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.