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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Why would i be 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

Posted by Donna on

Answer.

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, Edwin

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Question.

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 am not on the electoral roll - Can I get car credit for anywhere?

Posted by Jason on

Answer.

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, Edwin

Posted by on

Question.

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

Posted by David on

Answer.

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, Edwin

Posted by on

Question.

Hi Edwin, 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 experience with bank of Scotland but now with RBS i seem to be having no trouble at all. Things are paid on time and the last six months i've paid my car all myself so could it be possible for my close family friend to change payment method over to my name and bank and would this help me in the future to trade in the car and get new one? I have a credit card which is paid back before due date and extra added on when can so could i be able to get a car on finance in the future without any issues? Regards George

Posted by George Hamill on

Answer.

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, Edwin

Posted by on

Question.

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 through their own company as 'it would get me a better deal' and 'i had nothing to lose' since my finance was already in place -subsequently, the second application was actually sent to the same finance company , who have now revoked their offer of finance through no real fault of my own. Is it worth my while applying to you with perhaps a guarantor, larger deposit or more proof of who I am to secure the finance for this car? I am currently carless due to the fact that I believed the deal was sealed.thank you

Posted by Aaron on

Answer.

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, Edwin

Posted by on

Question.

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?

Posted by Kiera on

Answer.

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, Edwin

Posted by on

Question.

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 for 7 months, and previously I only worked part time. My credit rating according to clear score is average. How likely is it that I would be rejected?

Posted by Stacie Greenbank on

Answer.

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, Edwin

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