Been refused car finance? We can help!
At We Finance Any Car, we do things a little differently. Working with a panel of specialist lenders, we are able to offer a wide range of finance options for a wide range of applicants.
That includes affordable bad credit car finance.
We recognise that securing a finance deal can be tricky and there can be a whole host of reasons for having your application refused. Our team is here to help you better understand your financial situation. From there, we’ll be able to guide you in the right direction – hopefully with an agreement at the end.
Whatever your personal circumstance or previous experience with car finance, we’ll do our best to get you back on the road.
What you can expect:
Simply submit an application and we’ll get back to you in no time. Don’t worry – it won’t impact your credit score!
An alternative route to buying a vehicle, car finance is becoming increasingly popular. Unfortunately, there is no guarantee that your application will be successful.
Here are a few reasons why:
You’re struggling with bad credit – Your credit score is one of the first things a lender will look at. If it’s low, they may be more reluctant to offer you car finance. Essentially, there’s a higher risk involved.
You have an IVA on your file – If you have previously entered into an IVA, it indicates to lenders that you have struggled to meet payment obligations. This can act as a barrier – although securing car finance with an IVA is still possible.
Insufficient income – As well as your credit score, lenders also review your current employment and income. If it is deemed unlikely that you will be able to cover the monthly payments, your application may be at risk of refusal.
You have a CCJ on your file – If you have received a CCJ in the past, it will leave a mark on your file and may lower your chances of approval. And if you’re currently in a CCJ, you’ll find it even harder to secure a deal.
You don’t meet the lender’s criteria – Some lenders will have stricter policies than others and your application may not meet the specific requirements.
Your employment status – Lenders are more inclined to accept your finance application if you have a stable source of income. If you’re unemployed, you may find it harder to pay back the loan. Being self-employed can also make things a bit more complicated.
Age requirements – Generally, lenders will offer car finance to applicants who are over the age of 18. Another factor to bear in mind is that young drivers tend to have a limited credit history, which can also have an impact on eligibility.
Driving licence – Your application won’t be approved if you have a provisional licence or you’re currently banned from driving. If you have an EU licence and you’re applying in the UK, this may also impact your chances.
You may have been denied finance due to a combination of these factors. Alternatively, you might have a poor credit score but are in full-time employment and can afford the loan.
At We Finance Any Car, we know that every application is unique.
Our team will work with you to understand your situation and find the best solution possible. After all, a credit score shouldn’t define you and, with us, it won’t!
We recognise that having your application turned down can leave you feeling hopeless and frustrated. Car finance shouldn’t be this complicated. And you still need a reliable car.
Now for the good news….
Having your car finance application refused elsewhere doesn’t mean that you’re out of options.
So, what’s next?
Applying through We Finance Any Car will give you the best chance possible.
Our process is designed to protect you and your credit file.
If you’ve been refused by one lender, it’s only natural that you’ll want to try again. However, submitting multiple applications in a short period of time can be damaging to your credit score. This is because lenders typically use a hard credit check to determine your eligibility, temporarily leaving a mark on your file.
Not with us!
Once you’ve applied, our lending panel will use a soft credit search to review your financial situation. This means that you can check whether you’re eligible, without worrying about your score.
The first step is understanding why you’ve been rejected and the options still available to you.
Our team is on hand to answer any questions or queries you may have, as well as offer expert guidance. We’ll provide you with insights into your credit history, what a realistic budget might look like, what to include in your application, and even which vehicle to opt for.
Remember, a refusal is not the end of the road. Get in touch today.
When you apply through a mainstream lender, you’ll likely face a few hurdles. This is especially true for applicants who have poor credit, younger drivers, or even people who are on benefits.
That’s why we take a more flexible approach.
At We Finance Any Car, we’ve offered accessible solutions to hundreds of applicants, including those who have been rejected previously. As experts in all things car finance, we can help you where others can’t.
In some instances, you won’t be able to get approved for finance on your own. There can be several reasons for this, such as having no credit history or low income.
Your other option? Applying for guarantor or joint car finance.
Having another person on your application may give the lender some extra reassurance, as long as they meet the necessary requirements. This will include a stable source of income and a healthy credit score.
Car finance applications are reviewed on a case-by-case basis, so the chances of success will vary.
Generally speaking, you’re more likely to be approved if:
You will also have more freedom when choosing a finance option, including Hire Purchase and Personal Contract Purchase.
If you don’t fall into this category, that doesn’t mean that you will be automatically rejected. You just have to find the right lender!
It’s important to understand that having bad credit can mean that you’re limited in your options and you may receive less flexible terms. To offset the level of risk, your agreement may also have higher interest rates.
At We Finance Any Car, we’ll work with our lending panel to find you a deal that you can afford and that meets your needs.
Although it won’t guarantee an agreement, there are a few ways that you can strengthen your application:
Did you know that registering to vote can improve your credit score? It only takes a few minutes and can be useful during the application process, enabling lenders to confirm your identity.
Yes, although this doesn’t happen very often!
Lenders tend to make a decision and stick with it – whether that’s a yes or a no. So, if your application has been revoked, this could mean that something has changed.
It’s always worth getting in touch with the lender. They may be able to provide insights into any specific issues with your application, adjustments to the lending criteria, or any other factors that may have influenced their decision.
Having your finance application rejected won’t automatically damage your profile. However, if the lender used a hard check to review your application, your score may be affected for up to two years.
Another thing to be aware of is that the outcome of your application won’t show up on your report – only the hard inquiry.
Your creditworthiness gives an indication of how likely you are to repay the loan. But even applicants with a seemingly perfect score won’t necessarily be accepted.
There are other factors that may prevent you from financing a car, including:
While the above won’t have a direct impact on your score, it may influence the outcome of your application. We would always recommend checking your report for any outdated or incorrect information – just in case!
Mon to Fri: 08:00 – 19:00
Saturday: 09:00 – 16:00
Sunday: 10:00 – 16:00
