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.