We can provide finance for people who have had difficulties obtaining credit in the past,
if we can’t approve you, we don’t think anyone can!

Busting car finance myths

Posted on 16/07/2015

Many people think that securing car finance is confusing and complicated. And it is — if you believe everything you read! Take a look at our blog post to start separating the car finance myths from the facts…

You can’t get credit if you’re on the credit blacklist

This is possibly the most common car finance myth we hear: the dreaded credit blacklist! The story goes that a database has been created to document everyone’s financial wrong moves. To be quite frank, the blacklist simply doesn’t exist!

Lenders use their own criteria to determine whether to offer finance to someone. If you have found yourself rejected in the past, it’s probably because you have failed to meet the individual lender’s requirements.

You’ll need a good credit score

Many people believe their poor credit rating will prevent them from securing car finance. However, this is not the case.

While lenders will look at your credit score, they will also take other factors into consideration, such as your ability to meet monthly repayments. This means that even with a low credit score, you may still be able to secure car finance.

At RefusedCarFinance.com, we offer a 95% acceptance rate, so we may be able to help you secure finance for your next vehicle.

You have to be 21

People often think that they have to be 21 or over in order to be eligible for car finance. However, in the UK, an individual can enter a financial agreement from the age of 18. Because car finance falls under this category, you do not need to wait until you are 21.

Your address can affect your chances of getting car finance

If someone with a low credit score has previously lived at your address, can it really impact your own credit rating? In short, no.

Lenders assess individual circumstances rather than an address or postcode. This means that the previous occupant of your home will have no impact on your ability to secure finance.

Looking for car finance but been rejected elsewhere? Contact the team or apply online today!

Registered with Information Commissioners Office ICO Registration Number: ZA132327

UK Car Finance Limited. Registered in England
Registered number 9397657.
Registered Office Henson House, Whitley Road, Benton, Newcastle Upon Tyne, NE12 9SR

Refused Car Finance and refusedcarfinance.com is a trading style of UK Car Finance Limited and is acting as a licensed credit broker and not a lender, we are authorised and regulated by the Financial Conduct Authority, registration number 714966. All finance is subject to status and income. Applicants must be 18 or over, terms and conditions apply, guarantees and indemnities may be required.

Written quotations on request. Certain exclusions for NI residents.

Note: We cannot be held responsible for specification errors, and price errors, we use Motortrade software which is not always 100% accurate. Copyright 2017 Refused Car Finance.

Refused Car Finance can introduce you to a limited number of finance providers based on your credit rating and we may receive a commission for such introductions.

*Representative Example
Cash price – £6999, Deposit – £0, Amount of credit – £6999, Rate of interest – 15% per annum, Amount of interest – £4199.40, Lender Documentation fee – £50.00, Lenders option to purchase fee – £50.00, Total charge for credit – £4299.40, First repayment – £283.30, Followed by 46 Monthly repayments of – £233.30, Final repayment – £283.30, Total amount payable – £11,298.40, Representative APR – 29.2%

*Last month, over 51% of Refused Car Finance customers that had their loan arranged were offered an APR of 29.2% or lower

During the period May to December 2016, UK Car Finance Ltd received 5167 unique applications, of which we were able to offer 5085 applicants a line of credit, subject to the applicant being able to provide acceptable proof of affordability, are free from insolvency and or/a supporting guarantor fitting the lenders eligibility criteria.