What To Do When You’ve Been Declined Car Finance

What To Do When You’ve Been Declined Car Finance?

Being refused for any kind of finance certainly isn’t a good feeling. But if you’ve recently applied for car finance online and been refused, we might well be able to help. There are many reasons car finance is refused, one of the most common reasons being a bad credit score. We felt it necessary some time ago to do some myth-busting about credit scores and car finance. In general having a bad credit score can be down to reasons that include:

  • Making late payments on bills
  • Failing to make payments on bills
  • Having previously had a CCJ or IVA
  • Not having enough evidence about your debt history
  • Making too many applications for finance

You might like to find out more about this, credit experts like Experian can help you understand this further, and you can contact one of our friendly team to find out more too.

What to do if refused car finance?

If you’ve been refused car finance, and haven’t applied with us yet, you can rest assured we believe that you should have the opportunity to buy a car, even if you do have bad credit. Of course this doesn’t mean we can lend to everyone, as we follow responsible lending guidelines, but we do try our best to find a good solution, whatever the individual circumstance.

If you’ve been refused car finance you can:

  • Apply with us. We can sometimes help customers, even if they’ve got a CCJ, are in a DMP, and have no deposit.
  • Look into ways to improve your credit score. From making sure you’re on the electoral roll, to prove you can manage your debt.

Will Red Potato be able to help me if I’ve been refused car finance elsewhere?

Possibly, but it’ll depend on your personal situation. All car finance companies have their own set guidelines when it comes to lending credit – so just because you’ve been refused finance before doesn’t mean you will be when you apply with us. All lenders have different rules and company guidelines when it comes to reviewing credit reports and assessing the risk of lending to someone.

So it’s not at all unlikely that you could be refused car finance from one company, and accepted by another.

We know there are many reasons that someone can have a bad credit score, and we’re not here to judge. Our team helps customers every day to find an easy car finance solution that’s right for them.

What next?

Can’t find the topic you’re looking for here? Please take a look at the rest of our Help & Advice section or talk to one of our Customer Advisors today by calling us on 0800 197 9758.

If you’re ready to apply for car finance online, you can do so today.

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This website is operated by Premium Plan Limited. Red Potato is a trading name of Premium Plan Limited, which is registered in England with Company No 05977118. Registered office: Kempton House, Kempton Way, PO Box 9562, Grantham, Lincolnshire, NG31 0EA. Premium Plan Limited is authorised and regulated by the Financial Conduct Authority (FRN: 742272). The Red Potato name and logo are trademarks of Totemic Limited. Premium Plan Limited is a member of the Finance & Leasing Association (FLA).