Refused car finance
Being turned down for car finance can be stressful, leaving you unsure about your next steps. But there’s no need to panic — we’re here to help. Whether your car finance approved then declined or rejected outright, we’ll work hard to help you find a deal that suits your needs.
We believe that everyone should have the opportunity to own a vehicle, and we understand how frustrating it can be when finance options fall through. While we can’t guarantee approval, we’ll do everything we can to connect you with a finance option that works for you.
Can I get car finance if I've been refused elsewhere?
There are few worse feelings than falling in love with your dream car and losing it because your car finance was refused. But just because you’ve been declined for car finance elsewhere, it doesn’t mean it's the end of the road.
Here at Car Finance 247, we work with a large panel of trusted lenders. This means that we can still look to find the best deal for you, even if you’ve been rejected for car finance due to bad credit or have found it tough to secure finance in the past. And when you get your finance sorted, you can head to a dealership and choose your ideal car with confidence.
Alternatively, if you already have a specific car in mind, we’ll be happy to help you secure finance.
Get in touch with our expert team of account managers today, and we’ll get the ball rolling.
Why has my car finance been refused?
There’s no such thing as guaranteed car finance, and there are many reasons why your application might be declined finance for car. If you’ve been refused car finance, the first thing you’re likely to ask is, “why?”
Understanding the reasons can help you avoid being declined for car finance in the future. Lenders may share feedback on why they couldn’t approve your application. Common reasons for being refused car finance include:
Errors in your application (e.g., mistyped information)
The type of car chosen
Your age
Employment status and insufficient income
A poor credit score
Does your credit score need work?
Credit scores play a significant role in declined car finance applications. Missed payments, financial ties to someone with bad credit, or a lack of borrowing history can increase the chances of being declined finance for car.
A struggling credit history doesn't have to stay that way. Taking small steps to improve your credit score can really add up over time, which may lead to your finance applications being accepted in the future.
Checking your free credit report regularly and addressing any errors or issues can improve your chances. And remember, just because you’ve been rejected for car finance by one lender doesn’t mean you won’t find a deal elsewhere.
Are you self employed?
Employment status or having an insufficient income is also a common reason for being declined. Lenders typically want to see a clear and reliable source of regular income to ensure you can afford the repayments.
If you’re unemployed, lenders may view this as a risk due to concerns about your ability to meet the repayment schedule. For those who are self-employed, lenders might also approach your application with caution, as fluctuating income can make it harder to demonstrate financial stability.
If this is the case, providing proof of your earnings can help reassure the lender. Supplying documentation such as bank statements, tax returns, or invoices can support your application.
What can I do if I’ve been refused car finance?
If you've been refused car finance, don’t worry—there are steps you can take to improve your chances of approval:
Understand why you were refused: Ask the lender for feedback to identify any issues, such as a low credit score or insufficient income.
Check your credit report: Spot and correct errors or inaccuracies.
Improve your credit score: Pay bills on time, reduce debts, and build a stronger credit history over time.
Reduce existing debt: Lowering outstanding balances improves affordability.
Consider a guarantor: A guarantor with good credit can improve your chances of approval.
It’s also important to avoid applying repeatedly, as each application leaves a mark on your credit report. If you need finance quickly, considering a cheaper car could improve your options.
Here at Car Finance 247, we may still be able to help even if you’ve recently been declined for car finance. With a free no-obligation quote, we’ll conduct a soft credit search that won’t negatively impact your report.
Can you help if I’ve been refused finance and have bad credit?
The short answer is yes!
If you’ve been refused car finance elsewhere because of your credit score, we could still help. We work with a panel of lenders, some of which specialise in bad credit car finance.
This means we may be bale to find you a deal, even if you’ve been declined for car finance or have faced challenges like CCJs, defaults, or IVAs.
Why come to us if you’ve been refused car finance?
A helping hand: For us, car finance is all about helping people improve their everyday lives. We believe that everyone who wants a car should have the opportunity to own one.
Dedicated account manager: You’ll have a dedicated account manager on hand to guide you through the process, so there’s nothing to worry about.
Finding you the best deal: Whether it’s sorting out the school run, getting that big boot for the big shop, or a car you’re proud to park outside the office, we’ll work to find you the best deal from our panel of lenders—even if you’ve experienced declined finance for car applications in the past.
Get a no-obligation quote here today.