Car finance if you have been previously declined
Have you been declined or refused for car finance?
You may believe that if you have been refused car finance in the past, making another application would be just as futile, but don't be deterred! At Instant Car Finance, we have a history of helping people who have been turned down for car finance loan in the past to secure a deal.
We know that your current situation is not necessarily the same as your past, and we work with specialist lenders who could help you find a deal.
Why Was I Refused Car Finance?
There are a number of reasons why you may have been previously declined for car finance, including the following:
The most common reason for being refused car finance is bad credit. When car finance lenders review an application and decide whether or not to approve it, they will look at the your credit file for reassurance that you are able to make the loan repayments on time. Any missed or late credit card or loan payments, CCJs or bankruptcy will contribute to bad credit and imply that the applicant is an unreliable borrower.
We work with bad credit car finance specialists who may be able to help.
If you have no history of borrowing, this could also have a negative effect on your credit score. This is because there is no evidence to show whether or not you are reliable or not when it comes to paying back any credit, so lenders cannot be confident of your payment history.
We know that having no credit is not always a reflection on you, and so we take the time to get to know you and your situation, as do our lenders.
Too Many Searches
When you are applying for car finance, it is important that you do so selectively. Each time a lender views your credit file, a 'footprint' will be left and if finance providers see that you have made lots of applications in the past, they may assume that you are not very good at managing your finances.
We conduct soft searches initially that do not harm your credit rating.
If you are self-employed, working part-time or on a temporary basis, many lenders will see this as a risk, because your source of income may be less reliable than that of a fully-employed applicant, so you may have more difficulty gaining approval for car finance.
We secure finance for a range of people from different employment backgrounds.
If you want to apply for car finance but currently only hold a provisional licence, a lot of lenders will turn you down, particularly if you do not have an excellent credit score.
We work with lenders who specialise in this area.
If you have been refused for car finance in the past, get in touch to see if we can help. We have a team of experts on hand and will do our best to find a deal that is right for you.