Being refused car finance can be a very difficult situation. It can leave you feeling like there’s no hope of being able to buy a new car and that you’re consigned to a life on the buses and asking for lifts. Like Car Finance may still be able to help, because we use a range of lenders, some of whom are willing to offer loans to those that have bad credit and that have been refused car finance in the past.
Reasons For Refusal
Responsible lenders use a range of criteria to determine whether they will lend to a person. Not only do they consider credit rating, but they also consider current personal circumstances. Factors like employment history, the length of time you have lived at your current address, and the level of your monthly expenditure can also play a big part in the decision. However, different lenders use different criteria, and this means that while one company’s underwriting team may consider you to be too high risk, another loan company may be willing to provide you with car finance.
Bad Credit Car Loans
The most common reason for being refused car finance, however, is bad credit. Missed and late payments, defaults, CCJs, and bankruptcy can all count against you, and all of these factors will be included in your credit history. If this is the case, and this is why you have been refused a car loan in the past, then you may need to use a company that specialises in, or at least offers, bad credit car loans.
Like Car Finance
Like Car Finance can arrange car loans for people with poor credit as well as those with an impeccable credit file. We will need to check that you can afford the repayments, and our lenders will use the information you provide to help them determine the interest rate and loan rates that you receive. Complete our online application form or call one of our car finance advisors to start the application process today. The application is quick, and so too is the decision period, so you could hear back from us within a couple of days.