Refused car finance

Have you been refused car finance? We’re a specialist lender that helps people who have been rejected by mainstream lenders, even if they have bad credit.

Refused car finance

Have you been refused car finance? We’re a specialist lender that helps people who have been rejected by mainstream lenders, even if they have bad credit.

Why have I been refused car finance?

If you’ve been refused car finance, it is usually because of an issue with your application or because you have bad credit.

Car finance companies use lots of factors including your credit history to decide whether to lend to you. It could be that you’ve missed payments in the past, or have a CCJ or IVA. These leave a mark on your credit file, which can make it harder to get approved for car finance using a mainstream lender.

Why have I been refused car finance?

If you’ve been refused car finance, it is usually because of an issue with your application or because you have bad credit.

Car finance companies use lots of factors including your credit history to decide whether to lend to you. It could be that you’ve missed payments in the past, or have a CCJ or IVA. These leave a mark on your credit file, which can make it harder to get approved for car finance using a mainstream lender.

Reasons why you may have been refused car finance

Reasons why you may have been refused car finance

One

Bad credit

The most common reason for being refused car finance is having bad credit. Bad credit happens if you’ve missed payments in the past, or have had a CCJ, IVA, default, or other financial difficulty.

Two

Lender's criteria

Every lender has their own criteria. For example, some lenders have age and location limits. We’re proud to offer finance to people aged 20-75 across the whole of the UK, including Northern Ireland.

Three

Affordability

A responsible lender will only offer you finance if they are certain you can afford the monthly payments. If you’ve recently taken out another type of credit, this can make it harder to get car finance.

Four

Employment status

Lenders check your income and employment status to assess your eligiblity. We’re proud to accept applications from self-employed people looking for car finance, and people receiving benefits

One

Bad credit

The most common reason for being refused car finance is having bad credit. Bad credit happens if you’ve missed payments in the past, or have had a CCJ, IVA, default, or other financial difficulty.

Two

Lender's criteria

Every lender has their own criteria. For example, some lenders have age and location limits. We’re proud to offer finance to people aged 20-75 across the whole of the UK, including Northern Ireland.

Three

Affordability

A responsible lender will only offer you finance if they are certain you can afford the monthly payments. If you’ve recently taken out another type of credit, this can make it harder to get car finance.

Four

Employment status

Lenders check your income and employment status to assess your eligiblity. We’re proud to accept applications from self-employed people looking for car finance, and people receiving benefits

What to do if you’re refused car finance

If you find you’ve been declined for car finance, you should try to work out why before making further applications.

You might decide to check your credit report to see if there’s anything that is leaving a negative mark. There are several other things you can do, which we explain in our guide to increasing your chances of getting car finance.

If you spot that you have bad credit, then you might be worried that this stops you from getting car finance. It just means you may have to use a specialist lender.

We’re a specialist lender that can help people with less-than-perfect credit get the car on finance they need.

What to do if you’re refused car finance

If you find you’ve been declined for car finance, you should try to work out why before making further applications.

You might decide to check your credit report to see if there’s anything that is leaving a negative mark. There are several other things you can do, which we explain in our guide to increasing your chances of getting car finance.

If you spot that you have bad credit, then you might be worried that this stops you from getting car finance. It just means you may have to use a specialist lender.

We’re a specialist lender that can help people with less-than-perfect credit get the car on finance they need.

  • Monthly earnings over £1,000 (after tax)
  • To be aged between 20 and 75
  • A full valid UK driving licence
  • 2 consecutive months of payslips

We can finance cars that meet our lending criteria:

  • Financing a car from £4,000 – £35,000
  • The car can have a mileage up to 120,000 at the start of the agreement (depending on your loan offer)
  • No more than 15 years old by the end of the agreement (depending on your loan offer)

It takes less than 5 minutes to get a quote, and we use a soft search at the point of application, which doesn’t affect your credit score. We only do a hard search once contracts are drawn up for you to sign.

  • Monthly earnings over £1,000 (after tax)
  • To be aged between 20 and 75
  • A full valid UK driving licence
  • 2 consecutive months of payslips

We can finance cars that meet our lending criteria:

  • Financing a car from £4,000 – £35,000
  • The car can have a mileage up to 120,000 at the start of the agreement (depending on your loan offer)
  • No more than 15 years old by the end of the agreement (depending on your loan offer)

It takes less than 5 minutes to get a quote, and we use a soft search at the point of application, which doesn’t affect your credit score. We only do a hard search once contracts are drawn up for you to sign.

What our finance looks like

Summary

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

Representative 30.5% APR

What our finance looks like

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

Representative 30.5% 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.

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.

Is it hard to get accepted for car finance?

Whether or not you’ll be accepted for car finance depends on several factors. These include your credit history and affordability. People with good credit may be seen as less of a risk, because they have a proven history of making their payments in full and on time. So, if you have bad credit, it can feel like it’s impossible to get approved by a mainstream lender.

We understand that just because you have bad credit, it doesn’t change the need to have a reliable car to get around. We’re bad credit car finance specialists, and could help you get the car you need, even if you have a CCJ or IVA.

You might be wondering if you need a guarantor if you have bad credit. Using a guarantor for car finance has become less common, and we don’t offer the use of a guarantor, because we are a specialist lender that can help you get car finance with no guarantor and bad credit.

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

If you have bad credit, you might have been rejected by mainstream lenders. 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. That’s where we could help.

Since 1992, we’ve specialised in helping those who can’t get car finance from mainstream lenders.

It takes less than 5 minutes to get a quote, and you’ll get an instant decision as to whether we can help. Even better, we use a soft search at the point of application, which doesn’t affect your credit score. We only use a hard search once you’ve decided you’d like an agreement with us.

Is it hard to get accepted for car finance?

Whether or not you’ll be accepted for car finance depends on several factors. These include your credit history and affordability. People with good credit may be seen as less of a risk, because they have a proven history of making their payments in full and on time. So, if you have bad credit, it can feel like it’s impossible to get approved by a mainstream lender.

We understand that just because you have bad credit, it doesn’t change the need to have a reliable car to get around. We’re bad credit car finance specialists, and could help you get the car you need, even if you have a CCJ or IVA.

You might be wondering if you need a guarantor if you have bad credit. Using a guarantor for car finance has become less common, and we don’t offer the use of a guarantor, because we are a specialist lender that can help you get car finance with no guarantor and bad credit.

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

If you have bad credit, you might have been rejected by mainstream lenders. 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. That’s where we could help.

Since 1992, we’ve specialised in helping those who can’t get car finance from mainstream lenders.

It takes less than 5 minutes to get a quote, and you’ll get an instant decision as to whether we can help. Even better, we use a soft search at the point of application, which doesn’t affect your credit score. We only use a hard search once you’ve decided you’d like an agreement with us.

Why choose us for car finance?

Why choose us for car finance?

Great customer service

We aim to help customers onto a better road ahead, and our customers rate us 'Excellent' on Trustpilot.

Award-winning finance

Our commitment to positive customer outcomes has won us various industry awards over the years.

Leading specialist lender

As one of the UK's leading specialist lenders, we accept people that have been let down by mainstream lenders.

Great customer service

We aim to help customers onto a better road ahead, and our customers rate us 'Excellent' on Trustpilot.

Award-winning finance

Our commitment to positive customer outcomes has won us various industry awards over the years.

Leading specialist lender

As one of the UK's leading specialist lenders, we accept people that have been let down by mainstream lenders.

FAQs if you've been refused car finance

If you’ve been refused car finance, it’s likely there was an issue with your application or you have bad credit. If you’ve made multiple applications and have been declined, you might want to stop making applications and understand why that might have been.

Some car finance companies use a hard search at the point of application, and these hard searches can add up and affect your credit score. This can affect subsequent applications, as hard searches typically stay on your credit file for 12 months.

We use a soft search when you apply for car finance, which means you can check your eligibility without leaving a visible mark on your credit file.

Whether being refused car finance affects your credit score depends on the lenders you have applied with. Some use a hard search at the point of application. If that’s the case, it’s likely you may see a drop in your credit score. This is because several hard searches in a short space of time affect your credit score.

No, you can’t appeal being refused for car finance. Car finance companies can’t give financial advice, so they won’t be able to tell you the exact reason you were declined. Since the most common reason for being refused is bad credit, you could check your credit file and see if there’s anything that’s affecting your eligibility.

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.

Being declined car finance doesn’t change your need to have a reliable car to get around. If you’ve been refused by mainstream lenders, you may need to use a specialist lender who can help people get car finance with bad credit.

We are proud to have over 30 years of experience helping people up and down the UK, even when they’ve been refused by mainstream lenders. Get a quote today and see if we can help.

FAQs if you've been refused car finance

If you’ve been refused car finance, it’s likely there was an issue with your application or you have bad credit. If you’ve made multiple applications and have been declined, you might want to stop making applications and understand why that might have been.

Some car finance companies use a hard search at the point of application, and these hard searches can add up and affect your credit score. This can affect subsequent applications, as hard searches typically stay on your credit file for 12 months.

We use a soft search when you apply for car finance, which means you can check your eligibility without leaving a visible mark on your credit file.

Whether being refused car finance affects your credit score depends on the lenders you have applied with. Some use a hard search at the point of application. If that’s the case, it’s likely you may see a drop in your credit score. This is because several hard searches in a short space of time affect your credit score.

No, you can’t appeal being refused for car finance. Car finance companies can’t give financial advice, so they won’t be able to tell you the exact reason you were declined. Since the most common reason for being refused is bad credit, you could check your credit file and see if there’s anything that’s affecting your eligibility.

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.

Being declined car finance doesn’t change your need to have a reliable car to get around. If you’ve been refused by mainstream lenders, you may need to use a specialist lender who can help people get car finance with bad credit.

We are proud to have over 30 years of experience helping people up and down the UK, even when they’ve been refused by mainstream lenders. Get a quote today and see if we can help.

Improving your credit score

Many different factors can affect your credit score and result in poor credit. For more information about improving your credit score, check out our guide.

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 is Conditional Sale?

As a leading specialist lender, our Conditional Sale (CS) agreement is flexible and means we can provide finance for those declined by mainstream lenders.