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Hi there, I recently applied to get finance in my name for a new car. It was rejected.
I do have a bad credit rating from missed payments in the past - however when i had a look at my credit report last night, one of the accounts (a phone company) had defaulted. The info on this is wrong - the dates are wrong and i paid off the full balance of the account so i don't understand how this has happened. I have disputed this. I have never received correspondence from them saying i owe money - but the credit report shows it has defaulted with £46!!
I have had my new phone contract for over two years, i have a credit card and have NEVER missed any payments. Can you advise if anyone would be able to help me and how much I'd likely get as a maximum?
I have paid my car for the last three years every month on time - but because the finance for this is in my Dads name it hasn't counted towards my credit rating. I just wish someone would give me the chance to prove that i am making my payments on time now etc. I am in full time employment clearing £1600 p/m.
Hi Yvette, apologies for the delayed response. I hope you're well.
From what you have said you have a few late payments and a small default which shouldn't cause us too many problems in getting you approved. You have a clean credit card and a good income which is good to see.
A word of advice - you can actually place a note next to the default explaining the issues so that potential lenders can see this. Can i ask where you were rejected for car finance as it'll help me establish whether we have a good chance or not? I do have a good feeling that we can but that extra information will help me.
Just so you know, once accepted we provide a no obligation quote and you can buy a car from any dealer nationwide so please apply when you feel ready. Good luck and thank you for your time. Have a great evening. Edwin