I Have Been Refused Finance by MotoNovo - What are My Options?

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

I have a credit score of 478 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 and I can easily afford the monthly payments if I had the loan over three or four years.

Is this going to be viable or is my score too low?

Asked by James
December 29, 2021

If you’ve been refused finance by a lender like MotoNovo that doesn’t mean you have to give up on getting car finance. At CarFinance 247, we work with a panel of lenders, which means we can help find car loans for people with a variety of different circumstances. We could even help if you’ve had a CCJ, default or IVA in the past. With us, you can secure your finance first so you can head to a dealership and choose your new car with confidence.

After being refused finance, you probably want to know why. There are many reasons why a lender like MotoNovo couldn’t help this time: you might need to work on your credit score, have chosen a car that falls outside the lender’s criteria, or made a mistake on your application.

Having a bad credit score can limit your car loan options. But the good news is that they aren’t fixed, and you can take steps to improve your credit score over time.

Ready to reapply? If you can, wait before making a new application that could leave a hard credit search on your file. Too many hard searches in a short time could make it more difficult for you to find finance in the future. We’ll run a soft credit check to see if we can find you an approval in principle and will only carry out a hard search if you decide to proceed.

My monthly budget is

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Rates from 8.9% APR. Representative APR 19.9%

My monthly budget is

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Rates from 8.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £10,000 over 5 years with a representative APR of 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £255.50 per month, with a total cost of credit of £5,329.80 and a total amount payable of £15,030.

We look to find the best rate from our panel of lenders and offer you the best deal that you're eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.

Amount to borrow

To pay over

5 years

Assuming your credit profile is:

Total cost of credit	£ 2000
Total repayment	£ 2000

48 monthly
payments of

£ 245 98

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Rates from 9.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £25,000 over 48 months, £3,750.00 deposit, on PCP, with annual mileage of 8,000pa, and a representative APR of 11.9%, an annual interest rate of 11.9% (Fixed), the amount payable would be £394.51 per month, an optional final payment of £7,194.33, with a total cost of credit of £9,912.36 and a total amount payable of £28,444.33.

We look to find the best product from our panel of lenders and will offer you the best deal that you’re eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.

Bad credit (refused) related questions

Hi Rachel, I was just wondering the answer to this question. I have got a car on finance with help from a close family friend. She had to take the car finance out in her name but i pay for the car. I've worked all my life well since i was 17. I had a bad

Asked by George Hamill
December 29, 2021

Hi George, from my experience the finance company won't transfer the finance into your name even though you're paying for the car. The agreement is in your family friends name and i doubt they'd want to change it. The best thing may be to sell the car and settle the finance and then apply for finance yourself on a new car when you're ready. As long as you can prove your income, are on the electoral roll and have some current clean credit profiles we should be able to get you approved for car finance. Have a good evening. Kind Regards, Rachel

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

Asked by Donna
December 29, 2021

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

Hello, I have bad credit however, this is through no fault of my own. It's because off an ex girlfriend who has been making late payments on a mortgage we had together. I have had nothing to do with the house for over 5 years now and I earn a good wage. I

Asked by Jason
December 29, 2021

Hi Jason, as long as you have no other missed payments or defaults we should be able to get you approved for car finance through one of our niche lenders. What other form of active credit do you have and are the accounts up to date and paid on time? Also do you have a deposit or part exchange? It would help if you were on the electoral roll so please get yourself on the register before you apply for finance. Kind Regards, Rachel

I got knocked back on finance for a car because of my age. If I were to get a guarantor do you think I would get a car on finance?

I've put down my deposit and everything for the car already?

Asked by Kiera
December 29, 2021

Hi Kiera, thank you for your question.

Adding a guarantor to your application can certainly improve your chances of being approved. It's certainly worth a go! I take it you have a UK licence, a UK bank account and are employed?

If so, please make a joint application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Hi,Last Wednesday I was approved for Car Finance, I took a Test drive and left deposit to secure car, waiting on the finance company to pay out. In the meantime, I actually Sold my own car. Next visit to the dealer, I was HEAVILY persudaded to try finance

Asked by Aaron
December 29, 2021

Hi Aaron. Unfortunately when you send a second application to a finance company they will re-search you which can actually lower your credit score thus potentially resulting in a decline. However we do deal with most lenders on the market and dependant upon your credit profile we should be able to help you. Please make an application so we can see how we can help. Thanks, Rachel

Hi, I have never got finance for a car before but now I'm looking at applying. I've found a car for around £11,000, and I've got my old car and some cash to put down as a deposit (in total around £1500 including the car). I have had my own business now fo

Asked by Stacie Greenbank
December 29, 2021

Hi Stacie, thanks for your question! It's great that you've saved a deposit, and the fact that you have a steady regular income should help your chance of approval. As you are self employed, you will most likely be asked to prove your income in the form of a bank statement. By average, do you mean you have a 'fair' credit score? Is so then it's not too bad - and we will try our best to find you an advisor. Please make an application 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

Hi, i have just started work about a month ago. I have bad credit would i be able to get car finance?

Asked by David
December 29, 2021

Hi David, Yes - as you're now working this is great news and i'd like to think we'd be able to help get you approved. It all depends upon how bad your credit record is and whether any of our lenders will take you on. Being employed is a massive help though. Please apply and we'll see what we can do. Regards, Rachel

My wife and i are currently looking for a bigger family car. We both have bad credit and do not work.

We are on benefits. Could we get a loan from you?

Asked by Andy
December 29, 2021

Hi Andy, thank you for your question.

The good news is that we do have a handful of lenders that will consider helping people who have bad credit and are on benefits get car finance.

As long as you have a UK licence and can prove your benefit income with bank statements we could potentially help. If you’re on the electoral roll (not mandatory) this would help too.

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

Hi, I am in full time employment but, i am not on the electoral roll and i have bad credit. Is there anyway you could help me? Regards, Shane.

December 29, 2021

The good news is that we work with a panel of lenders and some of those lenders can help people who are on benefits and have bad credit get car finance. This includes people claiming Disability Living Allowance, subject to approval. However, we can’t guarantee you’ll get a car loan as everyone’s circumstances are different. Get a quote to find out more. Bad Credit Representative APR 31.2%.

I am looking for car finance to purchase a Land Rover worth £30k. I will have £10k deposit plus my existing car which is worth £1k. The only issue is my credit rating was in the 550s the last time I checked as in 2010 my husband lost his job and things go

Asked by Margaret
December 29, 2021

Hi Margaret, thank you for your question and apologies for the delayed response. We'd love to be able to help you and as you have a large deposit, a good income and the fact that you're now improving your credit by settling your old debts i'm confident we can secure you the amount you need. We do have a few lenders on our panel that help people with past blips on their credit file and one in particular who will lend large amounts to those with big deposits. Once approved you can buy your Land Rover from any dealer and we transfer the funds directly to them. We'll obviously help guide you through the process too. Have a great weekend. Rachel

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CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).

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