I Have Been Refused Finance by MotoNovo - What are My Options?
I've tried to apply for car finance today through a high street lender (the company they used were called Motonovo) but I was declined.
I have a credit score of 478 and I earn £36000 a year in a very stable job. My bad credit score is due to paying for a wedding on credit cards and having a motorbike on HP.
I'm looking to trade my car in for something a bit newer and I can easily afford the monthly payments if I had the loan over three or four years.
Is this going to be viable or is my score too low?
December 29, 2021
If you’ve been refused finance by a lender like MotoNovo that doesn’t mean you have to give up on getting car finance. At CarFinance 247, we work with a panel of lenders, which means we can help find car loans for people with a variety of different circumstances. We could even help if you’ve had a CCJ, default or IVA in the past. With us, you can secure your finance first so you can head to a dealership and choose your new car with confidence.
After being refused finance, you probably want to know why. There are many reasons why a lender like MotoNovo couldn’t help this time: you might need to work on your credit score, have chosen a car that falls outside the lender’s criteria, or made a mistake on your application.
Having a bad credit score can limit your car loan options. But the good news is that they aren’t fixed, and you can take steps to improve your credit score over time.
Ready to reapply? If you can, wait before making a new application that could leave a hard credit search on your file. Too many hard searches in a short time could make it more difficult for you to find finance in the future. We’ll run a soft credit check to see if we can find you an approval in principle and will only carry out a hard search if you decide to proceed.