Refused vehicle finance

Are you looking for car, van or motorbike finance but have an adverse credit history? Moneybarn considers applications for people who have defaults, CCJs, and IVAs

Why have I been refused finance?

If you’ve previously been refused car finance by mainstream lenders, your credit score is usually the reason. Finance companies use your credit rating to assess your credit history and this helps them to determine whether they’ll lend to you. It’s affected by a variety of factors, which can negatively impact your rating and make it hard for you to get approval.

Making late payments on bills, missing mortgage repayments or taking out lots of credit applications are some of the most common causes of having a poor credit rating. Your rating will also be affected if you don’t have a strong credit profile – so if you’ve not used credit in the past you may struggle.

Repairing your credit profile

There are a range of companies that allow you to take a look at your credit rating yourself. This gives you the opportunity to see the factors which are dragging your score down, and also allows you to flag up any details that are incorrect.

Don’t panic if your credit rating is poor, there are plenty of ways to improve it. 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.

If you’re struggling to navigate your credit rating, there are also a range of independent organisations that can provide you with free and impartial advice.

How can I get car finance if I have been refused?

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 Moneybarn could help. For over 20 years we’ve specialised in helping good people get to work, by providing affordable car finance for those who may struggle to access finance from mainstream lenders.

Take a look at our car or van finance calculators, or apply online today to see if we can help you.

Buying your next car

You want to make sure you purchase a reliable vehicle, which doesn’t break the bank. That’s why we’ve put together this helpful guide.

Being self-employed

We consider applications even if you’re self-employed and have bad credit so we might be able to offer you finance even if other lenders have rejected your application.

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.