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Refused car finance

Have you been refused car finance? We specialise in helping people who have been turned down by mainstream lenders get car finance, even if you have bad credit.

Get a quote

Refused car finance

Have you been refused car finance? We specialise in helping people who have been turned down by mainstream lenders get car finance, even if you have bad credit.

Get a quote

Excellent

4.5 out of five star rating on Trustpilot

Based on 12,152 reviews

5 out of five star rating on Trustpilot

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Excellent great communicatio...

Excellent great communication

samantha cunliffe, 10 hours ago

5 out of five star rating on Trustpilot

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They gave me credit even wit...

They gave me credit even with an iva

Mr Meller, 10 hours ago

5 out of five star rating on Trustpilot

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Todd was extremely helpful a...

Todd was extremely helpful and patient. He was in contact with me,mak...

Nylva Green, 10 hours ago

5 out of five star rating on Trustpilot

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The service i got was very g...

The service i got was very good

Harold Roger Owen, 12 hours ago

Showing our 4 & 5 star reviews

Excellent

4.5 out of five star rating on Trustpilot

Based on 12,152 reviews

5 out of five star rating on Trustpilot

Verified

Excellent great communicatio...

Excellent great communication

samantha cunliffe, 10 hours ago

5 out of five star rating on Trustpilot

Verified

They gave me credit even wit...

They gave me credit even with an iva

Mr Meller, 10 hours ago

5 out of five star rating on Trustpilot

Verified

Todd was extremely helpful a...

Todd was extremely helpful and patient. He was in contact with me,mak...

Nylva Green, 10 hours ago

5 out of five star rating on Trustpilot

Verified

The service i got was very g...

The service i got was very good

Harold Roger Owen, 12 hours ago

Showing our 4 & 5 star reviews

Why have I been refused car finance?

If you’ve been refused car finance, a bad credit score could most likely be the reason. Finance companies use factors like your credit score and history to determine whether they’ll lend to you. So, you may be refused car finance if your credit score is low or in poor shape.

Whether credit reference agencies consider you to have a good credit score or a bad credit score is affected by a variety of factors. Having bad credit could be because of outstanding debts, or missed or late payments on your mortgage, credit cards or bills.

What to do if you’re refused car finance

Having lots of hard searches may negatively impact your credit score, and decrease your chance of getting finance. So, if you find you’ve been declined for car finance, you should try to work out why.

Don’t panic if your credit rating is poor. There are plenty of ways to improve it and increase your chances of getting finance in the future. 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. Recognising bad credit is important because it is often the main reason people are unable to get car finance.

Choosing your lender wisely is also important. We specialise in helping people with bad credit that may have been refused by mainstream lenders. Try using our finance calculator below to see what your car finance could look like, depending on the repayment term and amount you want to borrow. Or, if you’re ready, you can make an application today.

Why have I been refused car finance?

If you’ve been refused car finance, a bad credit score could most likely be the reason. Finance companies use factors like your credit score and history to determine whether they’ll lend to you. So, you may be refused car finance if your credit score is low or in poor shape.

Whether credit reference agencies consider you to have a good credit score or a bad credit score is affected by a variety of factors. Having bad credit could be because of outstanding debts, or missed or late payments on your mortgage, credit cards or bills.

What to do if you’re refused car finance

Having lots of hard searches may negatively impact your credit score, and decrease your chance of getting finance. So, if you find you’ve been declined for car finance, you should try to work out why.

Don’t panic if your credit rating is poor. There are plenty of ways to improve it and increase your chances of getting finance in the future. 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. Recognising bad credit is important because it is often the main reason people are unable to get car finance.

Choosing your lender wisely is also important. We specialise in helping people with bad credit that may have been refused by mainstream lenders. Try using our finance calculator below to see what your car finance could look like, depending on the repayment term and amount you want to borrow. Or, if you’re ready, you can make an application today.

What your loan could look like

Summary

  • Monthly payment: £000.00
  • Total to repay: £00,000.00
  • Calculated APR: 00.0%

Representative 35.5% APR

Get a quote

What your loan could look like

  • Monthly payment: £000.00
  • Total to repay: £00,000.00
  • Calculated APR: 00.0%

Get a quote

Representative 35.5% APR

I thought I wouldn’t be able to get a car on finance as nobody would accept me. But it could not have been easier, and I can’t recommend Moneybarn highly enough.

Darren
Read Darren's story
Moneybarn customer Darren with his car
Moneybarn customer Darren with his car

I thought I wouldn’t be able to get a car on finance as nobody would accept me. But it could not have been easier, and I can’t recommend Moneybarn highly enough.

Darren
Read Darren's story

Does getting rejected for car finance affect credit score?

It depends on the lender you have applied with previously, and whether they use a soft or hard search. Having many hard searches on your file in a short space of time may affect your credit score.

When you apply with us, the initial credit search we carry out is a soft search and it won’t affect your credit score. This means that the outcome of your initial application will not impact your credit score. After you make an application, if you choose to enter into an agreement with us, we’ll carry out a hard search which will show on your credit file.

Can I get car finance if I’ve been refused elsewhere?

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 we could help. Since 1992, we’ve specialised in providing affordable car finance for those who can’t get car finance from mainstream lenders.

It only takes 5 minutes to fill out our online form, and if you’d rather apply over the phone then you can just leave your contact details and we’ll call you back at a time that suits you.

Get a quote

Does getting rejected for car finance affect credit score?

It depends on the lender you have applied with previously, and whether they use a soft or hard search. Having many hard searches on your file in a short space of time may affect your credit score.

When you apply with us, the initial credit search we carry out is a soft search and it won’t affect your credit score. This means that the outcome of your initial application will not impact your credit score. After you make an application, if you choose to enter into an agreement with us, we’ll carry out a hard search which will show on your credit file.

Can I get car finance if I’ve been refused elsewhere?

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 we could help. Since 1992, we’ve specialised in providing affordable car finance for those who can’t get car finance from mainstream lenders.

It only takes 5 minutes to fill out our online form, and if you’d rather apply over the phone then you can just leave your contact details and we’ll call you back at a time that suits you.

Get a quote

Reasons your car finance has been refused

Poor credit: The most common reason for being refused car finance is because of bad credit. Instances of bad credit can potentially stay on your credit file for up to six years. Reasons you have poor credit could include not being on the electoral register, having a default or bankruptcy on file, or if you’ve recently changed address. It might also be because you have a CCJ, IVA or default on record.

Affordability: If you’ve opened a new credit card, or have taken out other types of credit recently, you may find it harder to get car finance.

Lender’s criteria: Every lender is different and has their own criteria. You can find out more about our lending criteria.

Age: Some lenders are willing to make an offer to those who are 18-20, but many lenders do have age limits when it comes to car finance.

Employment status: You’ll need to be able to provide proof of your income to the lender. Those without a steady income who are unemployed or even students will find it harder to get approved for a loan. Having good credit such as not missing any of your monthly bills will strengthen your application, plus having a deposit sum upfront can help your chances of approval. It may be possible to get car finance without a job but it depends on a number of circumstances.

Driving license: Anyone applying for car finance should have a full, current and valid UK driver’s license. If you’re yet to pass your driving test or are currently serving a ban from driving, you will find you can’t get car finance. However, in some cases it can be possible to be accepted for car finance without a valid license. Your chances of this happening are only improved if you are making a joint car finance application with a partner who does hold a valid license. Just remember, you won’t be able to drive the car without one.

Location: Some lenders might not offer finance to people living in certain regions of the country. We’re proud to offer car finance across the whole of the UK, including Northern Ireland. See some of the many locations we offer car finance to.

Reasons your car finance has been refused

Poor credit: The most common reason for being refused car finance is because of bad credit. Instances of bad credit can potentially stay on your credit file for up to six years. Reasons you have poor credit could include not being on the electoral register, having a default or bankruptcy on file, or if you’ve recently changed address. It might also be because you have a CCJ, IVA or default on record.

Affordability: If you’ve opened a new credit card, or have taken out other types of credit recently, you may find it harder to get car finance.

Lender’s criteria: Every lender is different and has their own criteria. You can find out more about our lending criteria.

Age: Some lenders are willing to make an offer to those who are 18-20, but many lenders do have age limits when it comes to car finance.

Employment status: You’ll need to be able to provide proof of your income to the lender. Those without a steady income who are unemployed or even students will find it harder to get approved for a loan. Having good credit such as not missing any of your monthly bills will strengthen your application, plus having a deposit sum upfront can help your chances of approval. It may be possible to get car finance without a job but it depends on a number of circumstances.

Driving license: Anyone applying for car finance should have a full, current and valid UK driver’s license. If you’re yet to pass your driving test or are currently serving a ban from driving, you will find you can’t get car finance. However, in some cases it can be possible to be accepted for car finance without a valid license. Your chances of this happening are only improved if you are making a joint car finance application with a partner who does hold a valid license. Just remember, you won’t be able to drive the car without one.

Location: Some lenders might not offer finance to people living in certain regions of the country. We’re proud to offer car finance across the whole of the UK, including Northern Ireland. See some of the many locations we offer car finance to.

Tips on how to improve your credit score

Many different factors can affect your credit score and result in poor credit. For more information about your credit score or how to improve it, see our guide.

How to improve your credit score

Tips on how to improve your credit score

Many different factors can affect your credit score and result in poor credit. For more information about your credit score or how to improve it, see our guide.

How to improve your credit score

Is it hard to get accepted for car finance?

Whether or not you’ll be accepted for car finance depends on your personal circumstances. This includes your credit score, affordability checks, and other factors. Having a good credit score can boost your chances of getting approved.

Applying for car finance should be straightforward, but if you have a poor credit history, you might find it harder to get approved for car finance. This is because lenders may see you as a bigger risk if there is something on your credit file, such as a CCJ or IVA. But don’t worry if you have bad credit – we’re bad credit car finance specialists that could help you if you’ve been declined by other lenders.

You don’t have to use a guarantor to get finance. We don’t offer the use of a guarantor. For more information, see our page that explains how car finance with no guarantor and bad credit works.

FAQs if you've been refused car finance

If you find that your car finance is approved then declined, it might be worth contacting the lender to see what the reason might be. Something may have changed between the time you made the application and the time the lender makes a hard credit search, which may have caused them to change their decision.

Everyone’s eligibility for car finance is different, but there are some things you can do to help your chances. You could check to see if you have a good credit score, as this is one of the factors lenders use to decide whether to approve your application.

If you’d like to learn more, we have written a guide on how you might increase your chances of getting car finance.

Is it hard to get accepted for car finance?

Whether or not you’ll be accepted for car finance depends on your personal circumstances. This includes your credit score, affordability checks, and other factors. Having a good credit score can boost your chances of getting approved.

Applying for car finance should be straightforward, but if you have a poor credit history, you might find it harder to get approved for car finance. This is because lenders may see you as a bigger risk if there is something on your credit file, such as a CCJ or IVA. But don’t worry if you have bad credit – we’re bad credit car finance specialists that could help you if you’ve been declined by other lenders.

You don’t have to use a guarantor to get finance. We don’t offer the use of a guarantor. For more information, see our page that explains how car finance with no guarantor and bad credit works.

FAQs if you've been refused car finance

If you find that your car finance is approved then declined, it might be worth contacting the lender to see what the reason might be. Something may have changed between the time you made the application and the time the lender makes a hard credit search, which may have caused them to change their decision.

Everyone’s eligibility for car finance is different, but there are some things you can do to help your chances. You could check to see if you have a good credit score, as this is one of the factors lenders use to decide whether to approve your application.

If you’d like to learn more, we have written a guide on how you might increase your chances of getting car finance.

No deposit car finance

We recognise that it might be hard to put together a deposit for car finance. Getting a no deposit agreement might make a car more affordable at the beginning – find out more here.

No deposit car finance

What affects your credit score

Understanding your credit score and what affects it is very important. But we understand that it can be confusing. We’ve written a guide explained what factors affect your credit score.

What affects your credit score

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.

Our application process

For a better road ahead

Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA promotes best practice in the motor finance industry for lending and leasing to consumers and businesses.

Moneybarn is the trading style of Moneybarn No. 1 Limited, a company registered in England and Wales with company number 04496573, and Moneybarn Limited, a company registered in England and Wales with company number 02766324. The registered address for these companies is: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.

Moneybarn’s VAT registration number is 180 5559 52.

Moneybarn Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702781)

Moneybarn No. 1 Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702780)

sub prime-lender year award
National Credit Winner
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© Copyright 2023 Moneybarn Limited
© Copyright 2023 Moneybarn Limited

Representative example: Total amount of credit £10,460. Repayable over 58 months, 57 monthly payments of £351.13. Representative 35.5% APR (fixed). Deposit of £910.55. Total charge for credit £9,554.41. Total amount payable £20,924.96. Subject to status and affordability. You could risk losing your vehicle if you do not keep up payments.