I was Declined by Arnold Clark for Finance. Can You Help?
Yes! We could still help you find car finance, even if you’ve been declined by a lender like Arnold Clark. We work with a panel of lenders, some of whom offer a loan even if you’ve been refused car finance elsewhere.
There are a few different reasons you might have been declined by Arnold Clark for finance. You might have picked a car that falls outside their criteria, made a mistake on your application, or have a bad credit score.
If that’s the case, we can help. Having a bad credit rating can restrict your loan options, but some of our lenders specialise in bad credit car finance and might be able to find you a great deal that works for your circumstances.
Ready to reapply? At Car Finance 247, we’ll first run a soft credit check to see if we can find you approval in principle from one of our lenders. We’ll only carry out a hard search if you decide to proceed. But if you’ve just been refused finance, try not to make a new application straightaway. Too many hard searches on your credit file in a short time could make it more difficult for you to find finance in the future.
How long does Arnold Clark take to approve finance?
Arnold Clark's finance approval process can vary depending on various factors. These include your credit history and how complex your application is.
Typically, you can expect the approval process to take anywhere from a few hours to a few days. While you’re waiting, you can ensure you have all your paperwork ready to quicken the process.
Will Arnold Clark settle my finance?
Yes, Arnold Clark typically offers options to settle your finance loan. However, the specific terms and conditions may vary based on your agreement with them.
Talk to Arnold Clark's finance department to discuss your options for settling your finance deal. They can provide you with information on how to proceed and what steps need to be taken to settle your finance agreement with them.
What does a car broker do?
A car finance broker acts like a middleman between you and various lenders when you're looking to finance a car purchase. Here's what we can do to help:
Shop around: We shop around with different lenders, like banks and finance companies, to find loan options that suit your needs and financial situation.
Offer advice: Brokers can advise you on which loan options might be best for you, based on factors like your credit history, budget, and needs.
Assist with paperwork: We help you with all the paperwork and documentation needed to apply for a loan, making the process smoother and less stressful.
Negotiate: Brokers negotiate with lenders on your behalf to try and get you the most favourable terms, like lower interest rates or better repayment plans.
Provide support: Even after you've secured a loan, brokers are there to provide ongoing support and answer any questions you may have throughout the process.
Simply put, car finance brokers simplify the process of getting a car loan! We do the hard work for you by finding the best loan options and guiding you through the application process.
What is the difference between a car finance broker and a dealer?
A car broker serves as an intermediary between you and various lenders. This allows us to compare multiple financing options to find you the best one tailored to your needs and preferences. Brokers also typically have expertise in the finance industry, so can offer advice and guidance on different loan types, terms, and rates.
A car dealer typically offers in-house financing options directly through their dealership. This can be more convenient, as you can arrange a loan while finalising your purchase. However, dealerships may only have relationships with a select number of lenders, limiting the range of financing options available to you.
Do all car dealerships do finance?
Not all car dealerships offer in-house financing, but many do. The availability of financing options can vary depending on the dealership's size, location, and business model.
Some dealerships have their own finance departments and work directly with lenders to offer loans to their customers.
However, some smaller or specialised dealerships may not offer in-house financing. They may instead recommend external financing options such as banks, credit unions, or online lenders.
Can I sell a car on finance to a dealer?
Selling a car that is still under finance to a dealer is possible, but it can be a bit more complex than selling a car that you own outright.
The dealer will typically assess the outstanding finance balance you owe. They'll then negotiate a price for the vehicle based on this and the car’s market value.
If the dealer agrees to buy the car, they may handle the finance settlement directly with the lender. This typically involves paying off the remaining balance on your finance agreement using the funds from the sale. Any remaining amount after settling the finance will be paid to you.
What is the best company to finance a car?
This depends on your individual circumstances, such as your credit score, income, and the type of car you're looking to finance.
Generally, it's a good idea to shop around and compare offers from multiple lenders, including banks, credit unions, online lenders and dealerships.
Look for factors like interest rates, loan terms, fees, and customer service reputation. Ultimately, the best choice for you will depend on your specific financial situation and preferences.