Have you been declined car finance by Black Horse or Lloyds Bank?
If you’ve been declined car finance by Black Horse, you might be feeling frustrated or uncertain about your next steps. But don’t lose heart, there are still options available for you to explore. In this guide, we’ll address some of the most common questions we get asked about being declined car finance by Black Horse or Lloyds Bank here at Car Finance 247. We’ll also give you some guidance on how to move forward with your car finance application journey if this has happened to you.
We’ll start with Black Horse.
Have you been declined car finance by Black Horse?
If you’ve found this guide, the likelihood is that you’ve been refused car finance by Blank Horse, and being refused finance by any lender can feel like the end of the road. Being declined car finance by Black Horse can happen for various reasons. These may include issues with your credit history, income, or other financial commitments. If you can, and if they haven’t already told you, a good next step would be to find out why you were declined car finance from Black Horse by getting in touch with them directly. This will help you take appropriate steps to improve your chances of approval in the future, rather than being in the dark about why you were refused car finance.
I have been refused credit by Black Horse for PCP, can you help?
Yes, we may be able to help you if you’ve been refused credit by Black Horse for a Personal Contract Purchase (PCP) car finance agreement. We work with a large panel of lenders, some of which specialise in providing car loans for people with bad credit or who have been refused car finance in the past. If you’d like us to handle this for you, simply get in touch or apply with us here online, tell us about your situation and we’ll reach out to our lenders to find you the best and most suitable car finance deal for you.
There are also steps you can take yourself in the meantime if you want to reduce your risk of being refused car finance again in future. You can:
Review your credit report: Check your credit report to see if there are any errors or issues that might have led to the refusal. Correcting these could improve your chances of approval elsewhere.
Improve your credit score: Work on paying off and cutting down any outstanding debts, and commit to making timely payments on other credit accounts to improve your credit score over time.
Save for a larger deposit: Offering a larger deposit may improve your chances of being approved for a loan with another provider in future, as this reduces the amount you’ll need to borrow and demonstrates higher financial stability.
Looking for a Black Horse eligibility checker?
Black Horse may offer an eligibility checker on their website that allows you to see if you qualify for finance without impacting your credit score. This can be a useful tool to understand your chances of approval before applying, especially if they have refused you car finance in the past.
Does Black Horse finance accept bad credit?
As a traditional ‘big bank’ lender, Black Horse tends to have specific criteria for lending, which means having a low credit score or poor credit history can affect your chances of approval. However, each application is reviewed on a case-by-case basis, so it’s worth speaking directly to Black Horse before you apply to see if there are options available for you.
If you’re not sure whether to proceed, or if Black Horse tells you you’re not likely to be accepted due to your bad credit, we may be able to help you here at Car Finance 247. We work with lots of different types of lenders, including some who specialise in bad credit car finance for people with less-than-perfect credit scores.
What credit bureau does Black Horse use?
Black Horse may use different credit bureaus depending on the circumstances of your application. The most common credit bureaus in the UK are Experian, Equifax, and TransUnion. It’s a good idea to check your credit report with each bureau to get a complete picture of your credit history before you apply for car finance with Black Horse. If you want to find out definitively which credit bureaus Black Horse use, you may be able to find this out by contacting them directly.
Does being refused car finance by Black Horse affect my credit score?
Being refused finance by Black Horse specifically wouldn’t directly impact your credit score. However, multiple ‘hard credit searches’ on your credit report, especially if they all fall in a short space of time, can negatively affect your score. It's best to limit your applications to only those you believe you have a good chance of being approved for.
Have you been refused car finance by Lloyds Bank?
If you’ve been refused car finance by Lloyds Bank, the steps you can take are similar to those for Black Horse. Review your credit report, work on improving your credit score, and consider other finance options available to you. Alternatively, you can reach out to us here at Car Finance 247 and we’ll see if any of our specialist lenders can find you a good deal tailored to people who have been refused car finance in the past.
Can I still get car finance if I have been refused by Lloyds?
Yes, it’s always a possibility! Being refused car finance by Lloyds bank, while it’s obviously a setback, doesn’t mean you’re stuck forever. At Car Finance 247 we work with lots of lenders from the most traditional to the more specialised and, as we’ve mentioned already, some of them specialise in car finance for those who have been refused car finance in the past from the bigger, more traditional lenders.
What credit bureau does Lloyds Bank use?
Like Black Horse, Lloyds Bank may use one or more of the major credit bureaus in the UK, such as Experian, Equifax, or TransUnion. Checking your credit report across all three bureaus can give you a better understanding of your creditworthiness.
So if you’ve been declined car finance by Black Horse or Lloyds bank, hopefully by now you’ve been reassured that it isn't necessarily the end of the road. Through exploring alternative lenders yourself or through us at Car Finance 247, it’s perfectly possible for you to be approved for car finance with other lenders. And, by taking proactive steps to understand and improve your own credit situation in the meantime, you can increase your chances of being approved for finance in the future.
How can Car Finance 247 help me?
As we’ve mentioned in this guide, Car Finance 247 may be able to step in and help if you have been declined car finance by Black Horse or Lloyds bank. While there are many reasons you may have been refused finance, we work with lenders who are experts in finding suitable car finance deals for a wide range of financial circumstances. If you were declined car finance due a poor credit history, CCJs or defaults, or for having a non-traditional source of income such as being self employed or being on benefits, Car Finance 247 may be able to help you turn that refusal into an approval.
Try using our Car Finance Calculator to work out how much you might be able to borrow towards a car, or click Get my Quote and answer a few questions about your personal circumstances. We’ll do the rest!