Refused car finance

Have you been refused car finance? We specialise in helping people who have been turned down by mainstream lenders get car finance, even if you have bad credit.

Refused car finance

Have you been refused car finance? We specialise in helping people who have been turned down by mainstream lenders get car finance, even if you have bad credit.

Why have I been refused finance?

If you’ve been refused car finance, a bad credit score could most likely be the reason. Finance companies use factors like your credit score and history to determine whether they’ll lend to you. So, you may be refused car finance if your credit score is low or in poor shape.

Whether you have a good or bad credit score is affected by a variety of factors. Having bad credit could be because of outstanding debts, or missed or late payments on your mortgage, credit cards or bills.

What to do if you’re refused car finance

Having lots of hard searches may negatively impact your credit score, and decrease your chance of getting finance. So, if you find you’ve been declined for car finance, you should try to work out why.

Don’t panic if your credit rating is poor. There are plenty of ways to improve it and increase your chances of getting finance in the future. It may not be a quick fix, but honouring your payments is the most effective way and should make your credit profile stronger in the future. Recognising bad credit is important because it is often the main reason people are unable to get car finance.

Choosing your lender wisely is also important. We specialise in helping people with bad credit that may have been refused by mainstream lenders. Try using our finance calculator below to see what your car finance could look like, depending on the repayment term and amount you want to borrow. Or, if you’re ready, you can make an application today.

Why have I been refused finance?

If you’ve been refused car finance, a bad credit score could most likely be the reason. Finance companies use factors like your credit score and history to determine whether they’ll lend to you. So, you may be refused car finance if your credit score is low or in poor shape.

Whether you have a good or bad credit score is affected by a variety of factors. Having bad credit could be because of outstanding debts, or missed or late payments on your mortgage, credit cards or bills.

What to do if you’re refused car finance

Having lots of hard searches may negatively impact your credit score, and decrease your chance of getting finance. So, if you find you’ve been declined for car finance, you should try to work out why.

Don’t panic if your credit rating is poor. There are plenty of ways to improve it and increase your chances of getting finance in the future. It may not be a quick fix, but honouring your payments is the most effective way and should make your credit profile stronger in the future. Recognising bad credit is important because it is often the main reason people are unable to get car finance.

Choosing your lender wisely is also important. We specialise in helping people with bad credit that may have been refused by mainstream lenders. Try using our finance calculator below to see what your car finance could look like, depending on the repayment term and amount you want to borrow. Or, if you’re ready, you can make an application today.

What your loan could look like

Summary

  • Monthly payment: £000.00
  • Total to repay: £00,000.00
  • Calculated APR: 00.0%

Representative 31.9% APR

What your loan could look like

  • Monthly payment: £000.00
  • Total to repay: £00,000.00
  • Calculated APR: 00.0%

Representative 31.9% APR

I thought I wouldn’t be able to get a car on finance as nobody would accept me. But it could not have been easier, and I can’t recommend Moneybarn highly enough.

Darren
Moneybarn customer Darren with his car
Moneybarn customer Darren with his car

I thought I wouldn’t be able to get a car on finance as nobody would accept me. But it could not have been easier, and I can’t recommend Moneybarn highly enough.

Darren

Does getting rejected for car finance affect credit score?

It depends on the lender you have applied with previously, and whether they use a soft or hard search. Having many hard searches on your file in a short space of time may affect your credit score.

When you apply with us, the initial credit search we carry out is a soft search and it won’t affect your credit score. This means that the outcome of your initial application will not impact your credit score. After you make an application, if you choose to enter into an agreement with us, we’ll carry out a hard search which will show on your credit file.

Can I get car finance if I’ve been refused elsewhere?

Just because your credit history isn’t perfect doesn’t mean you don’t need a car to get to work and live as you normally would – and this is where we could help. For nearly 30 years we’ve specialised in providing affordable car finance for those who can’t get car finance from mainstream lenders.

It only takes 5 minutes to fill out our online form, and if you’d rather apply over the phone then you can just leave your contact details and we’ll call you back at a time that suits you.

Reasons your car finance has been refused

Poor credit: The most common reason for being refused car finance is because of bad credit. Instances of bad credit can potentially stay on your credit file for up to six years. Reasons you have poor credit could include not being on the electoral register, having a default or bankruptcy on file, or if you’ve recently changed address. It might also be because you have a CCJ, IVA or default on record.

Affordability: If you’ve opened a new credit card, or have taken out other types of credit recently, you may find it harder to get car finance.

Lender’s criteria: Every lender is different and has their own criteria. You can find out more about our lending criteria.

Age: Some lenders are willing to make an offer to those who are 18-21, but many lenders do have age limits when it comes to car finance.

Employment status: You’ll need to be able to provide proof of your income to the lender. Those without a steady income who are unemployed or even students will find it harder to get approved for a loan. Having good credit such as not missing any of your monthly bills will strengthen your application, plus having a deposit sum upfront can help your chances of approval.

Driving license: Anyone applying for car finance should have a full, current and valid UK driver’s license. If you’re yet to pass your driving test or are currently serving a ban from driving, you will find you can’t get car finance. However, in some cases it can be possible to be accepted for car finance without a valid license. Your chances of this happening are only improved if you are making a joint car finance application with a partner who does hold a valid license. Just remember, you won’t be able to drive the car without one.

Does getting rejected for car finance affect credit score?

It depends on the lender you have applied with previously, and whether they use a soft or hard search. Having many hard searches on your file in a short space of time may affect your credit score.

When you apply with us, the initial credit search we carry out is a soft search and it won’t affect your credit score. This means that the outcome of your initial application will not impact your credit score. After you make an application, if you choose to enter into an agreement with us, we’ll carry out a hard search which will show on your credit file.

Can I get car finance if I’ve been refused elsewhere?

Just because your credit history isn’t perfect doesn’t mean you don’t need a car to get to work and live as you normally would – and this is where we could help. For nearly 30 years we’ve specialised in providing affordable car finance for those who can’t get car finance from mainstream lenders.

It only takes 5 minutes to fill out our online form, and if you’d rather apply over the phone then you can just leave your contact details and we’ll call you back at a time that suits you.

Reasons your car finance has been refused

Poor credit: The most common reason for being refused car finance is because of bad credit. Instances of bad credit can potentially stay on your credit file for up to six years. Reasons you have poor credit could include not being on the electoral register, having a default or bankruptcy on file, or if you’ve recently changed address. It might also be because you have a CCJ, IVA or default on record.

Affordability: If you’ve opened a new credit card, or have taken out other types of credit recently, you may find it harder to get car finance.

Lender’s criteria: Every lender is different and has their own criteria. You can find out more about our lending criteria.

Age: Some lenders are willing to make an offer to those who are 18-21, but many lenders do have age limits when it comes to car finance.

Employment status: You’ll need to be able to provide proof of your income to the lender. Those without a steady income who are unemployed or even students will find it harder to get approved for a loan. Having good credit such as not missing any of your monthly bills will strengthen your application, plus having a deposit sum upfront can help your chances of approval.

Driving license: Anyone applying for car finance should have a full, current and valid UK driver’s license. If you’re yet to pass your driving test or are currently serving a ban from driving, you will find you can’t get car finance. However, in some cases it can be possible to be accepted for car finance without a valid license. Your chances of this happening are only improved if you are making a joint car finance application with a partner who does hold a valid license. Just remember, you won’t be able to drive the car without one.

Tips on how to improve your credit score

Many different factors can affect your credit score and result in poor credit. For more information about your credit score or how to improve it, see our bad credit page.

Tips on how to improve your credit score

Many different factors can affect your credit score and result in poor credit. For more information about your credit score or how to improve it, see our bad credit page.

Frequently asked questions

If you find that your car finance is approved then declined, it might be worth contacting the lender to see what the reason might be. Something may have changed between the time you made the application and the time the lender makes a hard credit search, which may have caused them to change their decision.

Many people may want a reliable motorbike to get to work or to use socially. Moneybarn specialises in bad credit motorbike finance. We believe that, no matter what your circumstances are, just because you might have bad credit doesn’t mean you should be denied access to finance.

We understand the importance of having a van, and can provide van finance with bad credit if you’ve been refused by mainstream lenders.

Whether or not you’ll be accepted for car finance depends on your personal circumstances. This includes your credit score, affordability checks, and other factors. Having a good credit score can boost your chances of getting approved. But don’t worry if you have bad credit – we’re bad credit car finance specialists that could help you if you’ve been declined by other lenders.

Frequently asked questions

If you find that your car finance is approved then declined, it might be worth contacting the lender to see what the reason might be. Something may have changed between the time you made the application and the time the lender makes a hard credit search, which may have caused them to change their decision.

Many people may want a reliable motorbike to get to work or to use socially. Moneybarn specialises in bad credit motorbike finance. We believe that, no matter what your circumstances are, just because you might have bad credit doesn’t mean you should be denied access to finance.

We understand the importance of having a van, and can provide van finance with bad credit if you’ve been refused by mainstream lenders.

Whether or not you’ll be accepted for car finance depends on your personal circumstances. This includes your credit score, affordability checks, and other factors. Having a good credit score can boost your chances of getting approved. But don’t worry if you have bad credit – we’re bad credit car finance specialists that could help you if you’ve been declined by other lenders.

No deposit car finance

We recognise that it might be hard to put together a deposit for car finance. Getting a no deposit agreement might make a car more affordable at the beginning – find out more here.

What affects your credit score

Understanding your credit score and what affects it is very important. But we understand that it can be confusing. We’ve written a guide explained what factors affect your credit score.

Our application process

It is important to completely understand the car finance agreement that you may be entering – find out more about how a conditional sale agreement works.