Refused car finance

Have you been refused car finance? Moneybarn specialises in helping those who have been unable to get car finance with mainstream lenders. 

We consider applications from people even if you have bad credit.

Refused car finance

Have you been refused car finance? Moneybarn specialises in helping those who have been unable to get car finance with mainstream lenders. 

We consider applications from people even if you have bad credit.

Why have I been refused finance?

If you’ve previously been refused car finance, your credit score is usually the reason. Finance companies use your credit rating and history to determine whether they’ll lend to you. You may be refused car finance if your credit score is low or in poor shape.

Whether you have a good or 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

Multiple failed attempts to get finance may negatively impact your credit score. So if you find you’ve been refused, it might be a good time to stop making any more applications until you can 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. Companies like Moneybarn are more likely to accept people with bad credit compared to mainstream lenders. Try using our car finance calculator to see what your car finance could look like, depending on the repayment term and amount you want to borrow.

Why have I been refused finance?

If you’ve previously been refused car finance, your credit score is usually the reason. Finance companies use your credit rating and history to determine whether they’ll lend to you. You may be refused car finance if your credit score is low or in poor shape.

Whether you have a good or 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

Multiple failed attempts to get finance may negatively impact your credit score. So if you find you’ve been refused, it might be a good time to stop making any more applications until you can 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. Companies like Moneybarn are more likely to accept people with bad credit compared to mainstream lenders. Try using our car finance calculator to see what your car finance could look like, depending on the repayment term and amount you want to borrow.

What your loan could look like

Summary

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

Representative 31.9% APR

What your loan could look like

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

Representative 31.9% 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
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

Does getting rejected for car finance affect credit score?

It depends on the lender you have applied with previously. Having many hard credit searches on your credit profile in a short space of time may affect your credit score.

If you apply with Moneybarn today, 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 the initial 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.

Reasons your car finance has been refused

Poor credit: Remember, 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 Moneybarn’s lending criteria.

Age: Some lenders are willing to make an offer to those who are 18-21, 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.

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.

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 Moneybarn could help. For over 20 years 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.

If you need any help or information give our team a call on 0330 555 2505.

Does getting rejected for car finance affect credit score?

It depends on the lender you have applied with previously. Having many hard credit searches on your credit profile in a short space of time may affect your credit score.

If you apply with Moneybarn today, 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 the initial 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.

Reasons your car finance has been refused

Poor credit: Remember, 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 Moneybarn’s lending criteria.

Age: Some lenders are willing to make an offer to those who are 18-21, 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.

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.

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 Moneybarn could help. For over 20 years 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.

If you need any help or information give our team a call on 0330 555 2505.

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 bad credit page.

Frequently asked questions

If you’re thinking of getting a new car, you may be wondering if you’re eligible for car finance. You might find yourself refused car finance for a variety of reasons. Different lenders have different lending criteria, so its important to learn about the application process before applying.

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.

Many people may want a reliable motorbike to get to work or to use socially. Moneybarn specialises in bad credit motorbike finance. We believe that, no matter what your circumstances are, just because you might have bad credit doesn’t mean you should be denied access to finance.

We understand the importance of having a van, and can provide van finance with bad credit if you’ve been refused by mainstream lenders.

Frequently asked questions

If you’re thinking of getting a new car, you may be wondering if you’re eligible for car finance. You might find yourself refused car finance for a variety of reasons. Different lenders have different lending criteria, so its important to learn about the application process before applying.

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.

Many people may want a reliable motorbike to get to work or to use socially. Moneybarn specialises in bad credit motorbike finance. We believe that, no matter what your circumstances are, just because you might have bad credit doesn’t mean you should be denied access to finance.

We understand the importance of having a van, and can provide van finance with bad credit if you’ve been refused by mainstream lenders.

Bad credit explained

Having bad credit is one of the main reasons for being refused car finance. Read more about how to check your credit score and steps you can take to improve it.

What is 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.

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.