Of course! We just ask you wait 30-days before making another application. This gives your credit profile to reflect any recent changes and hopefully increase your chance of approval.
Everyone’s been there. You find the car of your dreams, but all of a sudden the finance is declined. Car finance refusal is heartbreaking. It feels personal, right? You may feel bewildered, irritated, or humiliated. Don’t let it get you down, you’re not alone. There’s hope and we’re here to help.
At My Car Funder, we know that car finance rejection isn’t the end. It might be the start of a new adventure. Regain control and examine your alternatives. Let us walk you through the following steps.
The first step is to figure out “Why was I declined? What went wrong?“. Understanding “why” is the first step towards progress. Here are some frequent finance rejection reasons:
A poor credit score is one of the most frequent causes of car finance denial. It may seem like your credit history haunts you in every facet of your life. Understand: It doesn't define you. Time can fix previous mistakes, and we can help you discover forgiving lenders.
Lenders may hesitate if your debt exceeds your income. They want to ensure you can balance your budget and not overextend. Fear not— we'll help you find an affordable vehicle, within your budget.
Sometimes your credit file is to blame. A late payment, typo, or outdated address might impair your prospects. Making time to verify and dispute inaccuracies is worthwhile. Your history need not haunt you.
A lack of credit history may cause rejection for some, notably young individuals or new UK immigrants. Not having a credit history doesn't indicate you're untrustworthy. It only implies you haven't got a chance to show it.
Income is a huge part of the finance process, as it helps the lender decide if you can afford the repayments. If you have a low income or have recently started a new job, having a guarantor or joint applicant on the application can significantly help.
As a trusted car finance broker in the UK, we work with over 40 reputable lenders to find the best car finance options for you. By comparing a wide range of financing solutions, we help you secure the most affordable rates tailored to your needs, saving you time and hassle.
You can, no doubt. Get behind the wheel of your next car despite bad credit. My Car Funder specialises in assisting people with bad credit obtain finance.
We deal with lenders who recognise life occurs. If you missed a payment years ago or had a financial crisis, we can help. We listen to your circumstances and find lenders that will give a reasonable deal.
Rejection doesn’t end things. It redirects. If you were denied car finance, take a breath and figure out how to enhance your chances next time.
Why not prepare for your credit report as you would for an interview? Check it and fix any errors. Free credit reports are available from Experian, Equifax, and TransUnion. If you want finance, it's worth it.
Saving up a deposit for your new car can help with obtaining an approval. It proves to the lender your financial stability and willingness to invest. Additionally, it lowers your borrowing which can open for doors.
Analyse your income and spending. Can you afford the payments? Being honest about your limits is best. Our specialists can assist you choose a budget-friendly loan amount.
Of course! We just ask you wait 30-days before making another application. This gives your credit profile to reflect any recent changes and hopefully increase your chance of approval.