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Declined Car Finance By Mercedes-Benz But Have Good Credit
Hello, I applied for Mercedes finance but its been declined and i don't know why. My experian credit score is 893 and it shows a good rating. The only thing negative which i can think of is i have 2 credit cards which i have more then 50% on and i'm just paying minimum payment from the last year and a half. I don't know whether it affects my rating or not. I have never missed any payment s. So, i was thiking if you can help get a car finance at better rate. If you can tell me approx Apr for my type of credit score that will be great. Mercedes offered me 8% .
Hi Sam, apologies for the delayed response. As you have a good credit score i'm confident we can get you approved for a loan with a rate of circa 8% as you haven't missed any payments in the past. The fact that you're paying the minimum monthly payment to clear your credit cards shouldn't effect your credit as this will be seen as making payments on time. How much finance did you apply for as some lenders do look to see whether you are over committed or not? Lastly, can you prove your income and are you on the electoral roll? Please apply and we'll have you approved and in your Mercedes in no time. Have a good evening. Edwin