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Hi, can you please give me an explanation as to why i was refused to be able to finance the car I wanted after the man at Mercedes took my deposit then requested last x 3 bank statements and wage slips?
I got a call today and was told I have been refused!!! I wasn't given any other option and if I knew this would be the case my Dad would have put it in his name (and he wouldn't have been refused).
The salesman mentioned my father being being a guarantor and they will speak with the underwriters!! Is this possible and do you reckon I will get the car? Please help and advise me as I'm really upset
Hi Kayleigh, thank you for your question and I'm sorry to hear about the current situation with Mercedes.
If you add your father as a guarantor to your application there could be a good chance you'll be approved for the car you want. Would your Dad be willing to be your guarantor? If so, great! In terms of why you have been declined for finance by Mercedes there could be many reasons. Do you have a good credit history? If so, is your current credit registered in your current address? Are you on the electoral roll? Is your age an issue at all? It's hard to say without having the facts.
If you get refused again we could certainly help and, if approved with us, you could still get the Mercedes you want so, please make an application. If approved, you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin
Hi, I am currently due to finance a used Mercedes vehicle at Mercedes dealership, i have part exchange and cash deposit (totalling £5000) which brings down the total to finance to around £15,000. My credit history used to always be rated as ''Fair'' until a couple of weeks ago i used my credit card on-line (for the protection) to make a purchase (£200) and iv just checked and now it says ''poor'', but today i have just paid the total balance off. I have no other commitments to pay each month. And my percentage of my ''total available credit used'' is usually 0% but because of the credit card balance (which i have just paid off) it says 16%.
In the past i have had a Hire purchase agreement and paid it all off and not missed a single payment. Before that i had another agreement and also paid it off with no missed payments either. I have had a couple of defaults ages ago on my account when i was a student but that was a few years ago.
How likely is it that i would be accepted for credit at the mercedes dealership? And does it make any difference to the acceptance if i choose finance over the 24, 36, or 48 months? And what are my options if i don't get accepted at Mercedes?
Please get back to me asap and help me as i have been really good with my credit and looking forward to getting a vehicle. Thank you, Katy
As you have a fair credit history (including a clean hire purchase agreement) and a large deposit there could be a chance that Mercedes will accept you. However, as you have a few past defaults this could go against you.
The amount of time you take the loan over depends upon your income and disposable income each month. If you earn £2000 per month for example you'd be best to finance the car over 48/60 months but that's up to you obviously.
If you do get declined, you could see if we can help, as we have many lenders on our panel and we search the market for the best deal. Please make an application when you're ready, and if approved, you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin