Why have I been rejected for Car Finance?

Finset is changing the way finance is viewed and conducted.

If you don’t possess the full funds to pay upfront for a vehicle or youwould prefer to leave your money in the bank. Finest can look at spreading thecost of a used or new car purchase over several months, through one of our products.

A finance company can help you to separate costs into a manageable repaymentmode, where payments are made over an agreed time. For more advice or toenquire how much car finance would cost based on your credit score, please getin touch today.

Finset can provide finance for any asset. We believewe can make your journey to buying anything a three step simple process. Itdoes not need to be complicated.

At Finset we can provide a few different finance optionsbest suited for you. From

·     Hire Purchase (HP)  

·     Personal Contract Purchase agreements (PCP)

·     Personal loans and conditional sale

There are many different finance products available.

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No finance company can guarantee that an application will besuccessful before looking into your credit profile, as this is a majorcontributing factor as to what can be offered to you and at what terms.However, here at Finset we specialise in getting you the customer the best dealavailable. We can offer all of the above mentioned products tailored tothe customers requirements.

So, you applied for car finance elsewhere and got refused? Now you want toknow why? Well, it could be…

A simple reason for refusal can be if we are unable to confirm certain personaldetails such as,

·     your full name

·     address

·     or if there is a typo error

A refusal can occur if you’re not on the electoral register or have recentlychanged your address. Double check your details are correct when applying andif you are not showing on the electoral register, register yourself before applyingto enhance your chances of being accepted.

Finance lenders like to see that you have had a history of successfully usingcredit and are good at repaying it. If you have not previously had finance orcredit of any kind, you won’t be shown as having bad history, but no history atall can make things more difficult. In this scenario it will be difficult todetermine a credit rating with which they can assess you. If this is the case,you may be refused finance. So yes, in some cases, having current debt can be agood thing. If you show you repay agreements on time and that the correctpayments have been made, this will boost your credit score and make you more appealingto finance companies.

If you’ve got a less-than-perfect rating when it comes to credit, it’s stillmore than possible to acquire a car finance deal, but it’s worth rememberingthat you’re likely to get more inflated  rates of interest than someone applying withan excellent credit score.

We hope that answers a few of your questions and concerns regarding applyingfor finance. If you feel ready to receive more information, head to our application page.

Our process is easy and simple to use, providing you with finance optionslikely to be a YES without harming your credit score!

‍Using our soft search ‘eligibility checker’ will allow you to see if youare likely to be accepted without harming your credit score.

https://www.finset.co.uk/application-form

We look forward to your application!

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