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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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Declined for finance at VW and not sure why

Hi Edwin, I’ve been declined for finance at VW and I am not sure why. I shouldn’t have bad credit because I always pay things off as soon as I can, and I've been earning £18000pa for the last 2 years. I’ve never applied for finance before and I’m not sure what might be wrong! I don’t know if I should try applying elsewhere – are there any other options?

Posted by Neville on


Thank you for your question Neville

There are a multitude of reasons you may not be accepted for car finance from a dealer. Not being on the electoral roll and an erratic address history are both common reasons that are often overlooked, and can negatively impact your credit history. If you have any financial commitments registered to old addresses, updating them may help improve your score.

You can actually do a free credit check with Experian to see where you stand now – it may not be as bad as you think! Every lender has a different criteria with whom they accept for finance, so the fact that you have been declined at VW certainly doesn't mean you will be declined elsewhere.

The good news is, when you apply for finance with ourselves we do a soft search that does not impact your credit file, and if you have a good chance of approval with one of our lenders, we will put your application forward to them. This minimises the risk of making a various applications that could negatively impact your credit score.

Judging by what you have said, we may well be able to help find you a lender! Please make an application when you're ready, and if approved you can choose a car from any reputable dealer in the UK.

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