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Refused car finance is when you apply for a car loan or car finance, but your application is rejected by the lender. This means that you are not approved to borrow the money needed to purchase the car you want. Car finance can be a helpful way to spread the cost of a car over a longer period of time, making it more affordable for people. However, lenders have certain criteria that you need to meet in order to be approved for car finance. This may include things like your credit score, employment status, and income.
Cost of the vehicle
Financing a car from £4,000 - £25,000
Mileage
A maximum of 120,000 miles on the vehicle
Vehicle's age
The vehicle must be no older than 15 years old at end of agreement
Every lender will run a credit check on someone when they apply for car finance. If you have a bad credit score, you can be refused by some lenders as you may be unable to pay back the loan.
If you are unemployed, this could affect a lenders confidence in you to repay the loan. Some lenders won’t cater to self employed people due to their income being inconsistant.
Sometimes people may look to finance a car or vehicle that they simply can’t afford. Lenders will become aware of this through their soft credit check they perform and will refuse if they don’t or can’t afford the monthly repayments. Some lenders also can refuse car finance if the customer is unable to provide an upfront downpayment for the vehicle.
Leaving longer times between applications helps with acceptance
Improving your credit score will help with potential lenders
There's aways the option of finding a cheaper, alternative vehicle
This first step will make you aware of why your car finance application was refused and will help you understand the factors that contributed to the refusal. You can then see what you need to do to improve your chances in the future.
You should check your credit report to see if there are any errors or issues that could be affecting your credit score. You can dispute any errors and take steps to improve your credit score, such as paying bills on time or reducing your debt.
If you are unable to get car finance, you should consider alternative options such as finding a cheaper car, saving up for a down payment or looking for lenders that specialise in lending to people with poor credit
You can seek advice from credit counselors or financial advisers who can provide you with some guidance on how to improve your financial situation and increase your chances of being approved for car finance in the future.
If you are refused car finance, it's important not to give up. You can take steps to improve your credit score and financial situation, and try again in the future. With a better credit score and financial history, you may be able to get approved for car finance with more favorable terms.
