Help & Advice

I have been refused a car loan by my bank. But i need a car for work urgently.

Hi Rachel, Unfortunately, I have been refused a car loan through my bank and i have no idea why!

It's very frustrating but i need to start looking at other options. My credit history is ok and i have a reasonable deposit. Can you help me get car finance?

Mary


Answer

Hi Mary, thank you for your question.

In short we may be able to get you accepted. The decision really all depends upon your personal credit circumstances and income though. We do have many lenders who specialise in helping customers that have been turned down in the past so we do have a reasonable chance.

As a business a large proportion of the people we help have suffered past credit issues. So, as long as you are employed, have some form of current credit and have a driving licence i can't envisage any major problems. The fact that you have a fair credit score and a deposit obviously helps matters.

Please make an application online when you're ready and if approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

Answer correct as of September 2016

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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

More related questions

I have applied online to my bank and have been rejected for a loan of £8,500! My wife and me had some issues back in 2007 to 2009 with missed credit card payments and missed loan payments. We approached Citizens Advice who helped us put together a repayment plan. This was set up and all payments were made. I had a car loan that was not part of the plan and continued to pay this into 2012 when i paid the loan off in full. I moved abroad with my job in 2009 and will return to the UK shortly.

During this time we have paid off all debts and only have 1 loan left that has been paid each month without any missed payments. In short our finances are in total order but have just been rejected by my bank.I have not checked my credit score but would have thought that it would now be good as i have had no issues in the last 4 years. Your thoughts would be appreciated as i need a car now. I am looking at a car costing £9000 and have a deposit of £500 that i have already put down on the car!!

Answer

Hi John, thank you for your question. We certainly help lots of people who have been turned down for finance by their banks however the issue you may have is that you have been out of the UK for a number of years.

Whilst you were away which address was all your credit you were paying off registered in? Also, did you maintain electoral roll status at that address? Lenders can often be strict about taking people on who have been out of the UK for sustained periods of time. I'm reasonably confident we can get you approved as long as you have some form of traceability in the UK. Which country are you in at present? The fact that you have a deposit helps but we will need to see proof of income. Will you have this when you return to the UK? Kind Regards, Rachel

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Hi, I've been turned down by my bank for a loan of £2800 but was advised to apply for a credit card by the bank which I've also been refused. I have since applied to moneyway and am awaiting a response which I have a feeling will be turned down also.

I have never missed any payments on anything and was wondering what would be the chances of being accepted by yourselves for a lower amount of £1600. I don't have a deposit!

Answer

Hi Lucy, thank you for your question. The deposit and amount isn't really an issue for us if you are approved, but it seems strange you are being declined if you haven't missed any payments on your current credit agreements.

Are you registered on the electoral roll and is all your credit registered in your current address? If so, please apply with ourselves as we have many lenders on our panel that could potentially help people who have been refused by their banks. Kind Regards, Rachel

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Hi, I have a bad credit history but this is slowly rebuilding.

However, i need a car to get to work and to university 1 day a week. Are you able to help?

Answer

Hi Carla,

As you say that your credit history is slowly rebuilding i'm reasonably confident we can help get you approved as we specialise in helping people with bad credit.

Please make an application online when you're ready. If approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

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Rachel Wilson, Underwriting manager

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Rachel Wilson, Underwriting Manager

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