Question 1

Can Car Finance 247 help me if I have been declined by MotoNovo?

Accepted Answer

Yes! We can help if you’ve been declined by MotoNovo. As we’ve said earlier, we work closely with a wide range of lenders and can often find finance solutions for people with varied credit histories. You can submit a request for a quote online by hitting ‘Get My Quote’, or reach out to us via email or phone and our advisors can guide you through the process. Whatever your situation, we’ll work with you to understand your options and find a deal that works for you.

Question 2

Does being refused car finance by MotoNovo affect my credit score?

Accepted Answer

Being refused car finance by MotoNovo does not directly affect your credit score. However, the credit check they perform when you apply can leave a mark on your credit report, which might affect your score slightly. Multiple applications for credit in a short period can have a more significant impact, so it’s important to be mindful of how often you apply.

Question 3

What credit bureau does MotoNovo use?

Accepted Answer

MotoNovo typically uses Experian to assess your creditworthiness. It’s always a good idea to check your credit report with Experian to understand your score and any factors that might affect your car finance application.

Question 4

Does MotoNovo accept bad credit?

Accepted Answer

MotoNovo does consider applications from people with bad credit, but approval is not guaranteed. They look at each application individually, and they look at factors beyond just your credit score. If you have bad credit, it's a good idea to check your credit report and work on improving your score before applying if you can. Alternatively, we at CarFinance247 work with a large panel of lenders, many of whom specialise in offering car finance for people with bad credit. This could provide you with a better chance of being approved, especially if you’ve already been declined car finance by MotoNovo.

Question 5

Where can I find a MotoNovo eligibility checker?

Accepted Answer

MotoNovo doesn’t currently offer an online eligibility checker. However, you can contact them directly to discuss your eligibility if you want to apply again in future. Alternatively, you can use our finance calculator here at CarFinance247 to work out what you could borrow and get a new quote, or reach out to us for further expert guidance and alternative options.

Question 6

I have been refused credit by MotoNovo for PCP, can you help?

Accepted Answer

Yes! If you've been refused credit by MotoNovo for a Personal Contract Purchase (PCP), there are still options available to you. We specialise in helping people find car finance even after they've been declined by other lenders, and we work with a large panel of lenders so we can match you with a finance deal that suits your circumstances.

Question 7

Is the MotoNovo finance acceptance rate high?

Accepted Answer

MotoNovo’s finance acceptance rate is relatively high compared to many other lenders. However, it still depends on various factors such as your credit history, income, and employment status. While they aim to help as many customers as possible, not everyone will qualify for finance and it can be for a number of different reasons.

Question 8

Why have I been refused finance with MotoNovo?

Accepted Answer

While we can’t tell you exactly why your particular finance application was declined, we can tell you about some of the most common reasons why car finance can be declined by lenders like MotoNovo:

Credit history: If you have a poor or limited credit history, this can affect your application. Missed payments, defaults, CCJs and a low credit score can put lenders off approving you for finance as you are seen as a higher lending risk.

Affordability: MotoNovo assesses your ability to repay the loan based on your income and expenditure. If they feel your income is too low or your other monthly expenses are too high, this can make them decline your application.

Employment status: Being unemployed or having an unstable job history can impact your application. Lenders like MotoNovo like to see regular and reliable evidence of employment.

Existing debt: High levels of existing debt can be a red flag for lenders and can put them off approving a car finance loan.

Understanding the specific reason for your decline can help you address any issues and improve your chances of being approved in the future. MotoNovo should be able to tell you the reason why your finance application was declined if you ask them.

Question 9

I have been refused finance by MotoNovo, what are my options?

Accepted Answer

If you've been refused finance by MotoNovo, the best place to start is by trying to find out the specific reasons for the refusal. You can reach out to MotoNovo directly to ask for the reasons for the decline, if they haven’t already given it to you. If it’s your credit score holding you back, you can work on improving your credit score by focusing on paying off existing debts and making sure all owed payments are made on time to prevent defaults on your report. There may also be mistakes on your credit report that you could fix more quickly, so it’s worth checking for these. Saving for a larger deposit can also increase your chances of approval in future, while seeking financial advice can provide personalised guidance to improve your eligibility.

Question 10

Have you been declined car finance by MotoNovo?

Accepted Answer

If you've been declined car finance by MotoNovo, you're not alone. Many people experience this, and it can be disheartening. But don’t worry; being refused by MotoNovo doesn’t mean the end of your car financing options. In this guide, we’ll answer all the most common questions we get asked around this topic, including understanding the reasons behind the decline and how to explore your options. And it doesn’t stop there – if you’re looking for next steps, we here at CarFinance247 might just be able to help you get back on track.