Don’t worry it does not mean that you can’t get car finance! We are specialists in bad credit car finance. Many of our customers have been refused car finance from mainstream lenders because of poor or bad credit history.
Don’t worry about being refused for car finance due to bad credit because we look at people differently, we don’t judge you solely on your credit history, we assess your current situation as well so we can help you re-establish your bad credit profile.
We understand that the car finance process can be frustrating if you have been refused car credit and have a bad credit profile. We aim to make the process as easy as possible for you. Our finance application form only takes a few minutes and we could provide you with a quick decision on car finance.
So, you’ve applied for car finance in order to get a new car, but your application has been rejected and you have no idea why. Many lenders don’t seem to provide an explanation as to why they decline applications.
There are a variety of reasons as to why you will have been rejected for car finance. It is important that you understand why you have been refused car finance rather than just keep making applications with various lenders as this could damage your chances further.
Credit Profile – One of the most common reasons your finance application may have been refused is due to your credit profile. If you have missed credit repayments or CCJ’s this is likely to have a negative impact on your credit score. Also a lack of credit history can be viewed negatively by lenders as they have nothing to base their decision on.
Employment – Have you changed jobs several times in the last few months? Are you self-employed and have inconsistent income from your job? Are you on a zero hours contract? These factors could impact how the lender views your application. Lenders like to see job stability with a regular stable income.
Affordability – Most lenders will be looking at the income you have coming in and what is going out of your account and what is left at the end of each month. It’s important that lenders are lending responsibly so they have strict criteria when it comes to affordability of the loan.
Our bad credit car finance specialist team are friendly and approachable, and we understand that everybody’s credit rating and circumstances are different. We want to help you find a car that suits your need and is affordable. We also understand that with previous bad credit, obtaining a car loan can be a daunting task and you need your car to travel to and from work and take the kids to school.
Call us on 01925 696 370 and speak to one of our team to chat about your need for car finance with the possibility that you have a bad credit history.
Discussing the situation can help you better understand your affordability and how we can help you get the perfect car with bad credit!
Take a look at the Money Advice Service’s information about being refused car finance with bad credit, click here to view.
Just remember, if you have county court judgements, a poor credit rating, defaults, payment arrears, have been previously bankrupt or are in an IVA or payment arrangement it does not mean you won’t be able to get car finance with this bad credit history.