Publish Date: 20/02/2021
Why You May Have Been Declined
We are really sorry but your
application for Car Finance has
been declined by our lenders. This maybe due to
several reasons which can be fixed in time but
some issues are not easily managed in a quick
We Don't Care About
Your Credit Score
Many people get confused about our advert saying we
don't care about your credit score. In fact we
don't care about your actual credit score. What Lenders
look at and what we look at are Affordability
and Recent Missed Payments, together with Bankruptcy
and IVAs. Someone with a really low credit score
can and has been accepted for finance with us
and our lenders and also some people with a higher
credit score have been declined based on
affordability and recent issues which will
affect your application.
One of the
most common reasons you may have been declined
for car finance is that you have a poor credit
record. This could be due to outstanding
debt or missed payments (remember instances of
poor credit can remain on your credit file for
upto 6 years)
It is really important that
you understand why you have a poor credit score
and using tools like
clearscore can tell you your current credit
score and help improve it.
Credit Can Mean Bad Credit
have no record of credit in the past, that could
be frowned upon by some lenders, so maybe
getting a credit card or a loan with your bank
might be your first port of call. Some
people forget to try their bank first.
Very Low Income
You would be
surprised at how low some peoples incomes are.
Applications with incomes which are in the
hundreds arrive regularly on the get me car
finance site. Lenders will not entertain
customers with very low incomes as when you take
into consideration , insurance and car running
costs the customers would end up with next to
nothing to live on.
Payments of Existing Finance
So if you have missed any payments for a recent finance agreement then to new lenders thats a big red flag. They want to see commitment from their potential customers, but if you have actually missed paying back a loan, or have missed payments on a credit agreement recently, then this will affect your application.
Some lenders will not
lend money on car finance to customers who only
have a provisional license, this limits what we
can offer when a customer has poor credit and a
provisional. If you have both their is a high
chance you will be refused finance.
If You Can't Get Car Finance?
Is it the end of the road if you cannot get car
finance, well most people apply apply and apply
again and get refused even more, frustrating
themselves too. We have a new loans
application below with lenders who are NOT just car
finance based.. It might be worth seeing if the
lenders on there can help you get into a car.
Representative 69.9% APR (variable). Representative Example:
If you borrow £1,500.00 over 24 month at a Representative
rate of 69.9% APR and an annual interest rate of 54.19%
(fixed), you would pay 23 monthly repayments of £103.64 and
a final payment of £103.74. The total charge for credit will
be £987.46 and the total amount payable will be £2,487.46.
Get Me Car Finance is a trading style of Get Me Finance
Limited and is a free to use price comparison website. Get
Me Finance is authorised and regulated by the Financial
Conduct Authority as a credit broker and a lender, firm
reference number 661934 and is registered with the
Information Commissionerís Office number Z3541124 .