Refused car finance specialists
If you are refused car finance by a dealer or mainstream lender, there are things you can do give yourself a better chance of getting car finance.
Red Potato specialises in providing bad credit car finance for those previously refused car finance. We base our finance decisions on your current situation and your ability to repay the loan.
We will talk through your income and outgoings to understand whether you can afford your repayments before giving a finance decision. Apply now to see if Red Potato can provide your car finance!
If you have been refused finance and are looking for car finance, Red Potato can help, even if you:
- Have no deposit
- Are in a Debt Management Plan (DMP), Trust Deed or Individual Voluntary Arrangement (IVA)
- Have a County Court Judgment (CCJ)
- Previously have been declared bankrupt
- Are self-employed
Why am I refused car finance?
You may have been refused finance and are unsure why. If so you should check your credit score. You can get a free credit check through companies such as Experian and Check My File. This may show you why you have been refused.
Check for mistakes
You may have errors on your credit report which harms your chances of being approved. It can display defaults, CCJs or IVAs as outstanding when in truth they are satisfied.
Don’t make too many applications
Making multiple credit applications may harm your credit rating. It may suggest to lenders that you are overly reliant on credit, making you a higher risk applicant.
Try to make all payments on time
A key factor for lenders considering your application is your ability to make the repayments on time. Therefore you may find that your credit score is harmed by evidence of missed payments and will be considered in any credit application you make.
Get on the electoral roll
A credit application could fail on the basis you can’t prove where you live. Getting on the electoral roll is easy. Provided you’re a UK or EU citizen, it should only take 5 minutes to register to vote.