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Edwin Miles. Underwriting Manager

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Approved For a Car Loan with Black Horse Then Denied!!

I have a car on finance with Blackhorse and have never missed any payments. The car is valued part exchange at £4000. The settlement figure is £2700.

I saw a car I liked and the garage arranged finance for me through blackhorse, all went through ok. After thinking about things, the mileage on the car was too high so I told the garage I didn't want that car and could I have a different one. To which the garage said no problem.

I chose a different car that was slightly younger and with lower mileage and same price. Blackhorse then wanted a cash deposit also! I said no and went home fed up. A few weeks later I spotted a car at a dealership for £5000, they valued my car the same as the other garage. I applied to blackhorse and a positive NO was their reply!

I'm totally fed up with the car I'm driving and want something larger , i'm not going much over the monthly payments i'm paying now so why am I getting refused?

Posted by Mike on


Hi Mike, i appreciate the question and i can understand why you feel fed up with the whole situation. Also apologies for my delayed response. I was on holiday last week.

Anyway, the reason you have been declined could be simply down to the number of credit searches that have been made against your name over the last month or so. Have you tried applying through any other high street lenders? If not, i'd strongly advise that you call Black Horse and speak to a manager that can advise you further.

If you feel you have a good credit history then you could always try and get a better deal with a different finance company but i'd leave it a month or so before applying anywhere else. We have access to many lenders and can get you market leading rates as long as your profile fits the criteria.

So, if you want to try us before hunting down another car then please feel free to do so. Getting you £5000 shouldn't be an issue at all if approved as you have a decent deposit within your part exchange. 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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Hi Edwin, I have a car on finance at the moment which I have paid on the dot with black horse for the last 6 years. I currently owe £6500 and the car value is approx £15k but I am looking to upgrade to a new car but I have got a poor credit history on one agreement. How would I stand in this situation?

Posted by Dean M on


Hi Dean, thank you for your question. We do have lenders that help people with a less than perfect past. As you have such a large deposit (the equity in your part ex) i'm confident we can get you approved for car finance. How much do you need approximately? Once approved you can get your car from any dealer. As long as you can prove your income, have a UK bank account, some current clean credit and are on the electoral roll we should be fine. The fact that you haven't missed any payments with Black Horse is good news too - this will improve our chances. Please apply when you feel ready. Kind Regards, Edwin

Posted by on


Hi, I am currently paying finance on a car through Black Horse. The length of the contract is 5 years (due to end March 2016) and I am currently 2 years and 6 months into the contract. The car I have is a 3 Door Volkswagen Golf, but I now have a baby and am finding it hard with a 3 door car! So, ideally I could do with a 5 door car. Is there any options I can take to swap my current car? Or is the only option available to me to request a settlement figure and hope I can sell the car at a price to cover that figure. Help please!

Posted by Luke Jenkins on


Hi Luke, thank you for your question. Firstly, you need to request a settlement figure from Black Horse and also get a rough valuation from a local dealer on your current car. This will give you an indication on whether you are in negative equity or not. If not then that's great news as you can part ex your current car in for a newer 5Dr car and use the equity as a deposit. If you are in negative equity you also have the opportunity to voluntarily terminate your agreement as you are over 50% of the way through. Please let me know which way you wish to proceed. Also, we can help you secure finance on a newer car too. Kind Regards, Edwin

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