Have you been declined car finance by Close Brothers Motor Finance?
Being declined car finance by any lender can be a frustrating experience, especially if you were looking forward to getting a new car. If you’ve been declined by Close Brothers Motor Finance in particular, you’re not alone. Many people face rejection for various reasons, and understanding why it happened can help you take the right steps moving forward. In this guide, we'll address some common concerns and questions about being refused car finance by Close Brothers, and give you some guidance on how to get moving again.
Let’s start with the main question first:
Have you been declined car finance by Close Brothers Motor Finance?
If you’ve found yourself in this situation, having been turned down for car finance by Close Brothers Motor Finance, we know it can be disheartening. But it’s important to remember that being declined by one lender doesn’t automatically mean all hope is lost for financing your car.
There are several reasons why being declined for car finance by Close Brothers might happen, ranging from your credit score to your financial history and many others besides. But there are lots of lenders out there, and different lenders have different criteria, so you may still find another lender who is willing to finance your car.
What’s more, here at Car Finance 247, finding other lenders and helping people find the right car finance deal just happens to be our speciality, so we might just be able to help you out. Read on to find out how.
I have been refused credit by Close Brothers Motor Finance for PCP, can you help?
Yes, we can! As we mentioned earlier, we specialise in working with a wide variety of lenders to help people with all kinds of financial circumstances find car finance that suits their needs.
This includes people who have been refused car finance in the past by lenders like Close Brothers. Whether you’ve been refused credit for a Personal Contract Purchase (PCP) by Close Brothers Motor Finance, or refused for any other kind of car finance, we can help match you up with alternative lenders. All you need to do is get in touch, or request a quote through our website and we’ll do the rest.
Wondering what else you can do in the meantime? Here are a few tips to help you navigate the tricky situation of being declined car finance by Close Brothers or any other lender:
Find out the reason for refusal: Close Brothers should provide a reason why your application was rejected, or you are within your rights to ask for one. This information can help you address any issues and prevent this happening again in future.
Check your credit report: Look for any inaccuracies or areas that need improvement. You can get a copy of your credit report from credit agencies like Equifax, Experian or TransUnion, usually for free.
Work on improving your credit score: If credit score was the reason you were declined, it’s worth taking some time to pay off or reduce outstanding debts, make all your payments on time, and reduce your credit card balances to improve your credit score.
Consider a different lender: Different lenders have different criteria, so shopping around could help you find a more suitable option. (We can help you there!)
Seek financial advice: A financial advisor can help you understand your options and improve your chances of being approved in the future – you can often get this advice for free.
Why have I been refused finance with Close Brothers Motor Finance?
There are several reasons why Close Brothers Motor Finance might refuse car finance applications. While we cannot say for certain which one applies to you, we can share the most common reasons here:
Poor credit history: A history of missed payments, defaults, CCJs, and IVAs or bankruptcies can put lenders like Close Brothers off lending to you, as you may be seen as a high risk to lend to.
Not having enough income: Lenders need to be confident that you can afford the monthly payments, so if they feel your income is too low to cover it, or if your other monthly expenses seem high, this can lead to a rejection.
High debt-to-income ratio: If you have a lot of existing debt in relation to your level of income, lenders like Close Brothers may be wary of giving you additional credit.
Unstable employment: Lenders prefer applicants with a stable job history and regular income.
Errors in your application: Inaccurate or incomplete information can lead to a refusal, so it’s always worth checking your application details to make sure you didn’t miss anything or give incorrect information.
Does Close Brothers Motor Finance accept bad credit?
Close Brothers Motor Finance does consider applications from individuals with less-than-perfect credit. However, their decision will depend on the severity of the credit issues and your overall financial situation. It’s also important to remember that Close Brothers isn’t the only lender who offers bad credit car finance. Here at Car Finance 247 we work with a number of lenders who specialise in this area, so even if you’ve been declined by Close Brothers for having poor credit, this doesn’t have to be the end of the road.
What credit bureau does Close Brothers Motor Finance use?
Close Brothers Motor Finance typically uses major credit bureaus such as Experian, Equifax, and TransUnion to assess your creditworthiness. It’s a good idea to check your credit report from all three of these main bureaus to understand what lenders will see when they review your application. If you want to know which specific bureaus Close Brothers use, you may be able to find this out by contacting them directly, though they may use more than one.
Does being refused car finance by Close Brothers Motor Finance affect my credit score?
Being refused car finance itself does not directly affect your credit score, no matter who the lender is. However, most car finance applications involve a hard credit check, which does leave a visible mark on your credit report. If you apply for credit multiple times in a short period, these multiple hard checks can collectively lower your credit score. Because of this, it’s important to carefully consider how many credit applications you make within a short space of time, and space them out if you can.
Can Car Finance 247 help me if I have been declined by Close Brothers Motor Finance?
Yes, that’s what we’re here for! As we’ve mentioned earlier, we’re experts in matching people with the perfect lender to suit their unique financial situation. Thanks to our strong relationships with a large panel of lenders with various financial specialisms, we can usually find the ideal alternative lender for people who have been declined car finance by lenders like Close Brothers Motor Finance. The best place to start is by trying our car finance calculator to get a quote, or you can reach out and contact us directly for help and advice on how to take the next step.
Hopefully you’re now feeling a little better informed about your options if you’ve been declined car finance by Close Brothers Motor Finance. While it can be discouraging, it’s certainly not the end of the road. Understanding the reasons behind the refusal and taking steps to improve your financial situation can help you secure car finance in the future, and we at Car Finance 247 are more than happy to help you find alternative lenders to get you moving again.