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!

Rebuilding your Credit with Car Finance

Posted on 23/05/2016

There are a number of reasons why a person’s credit score can be deemed poor or bad and in turn can find themselves turned down for credit in a number of ways. Some of the reasons we generally associate with bad credit are late or missed payments, entering into an Individual Voluntary Agreement (IVA) or being declared bankrupt, however our credit score can be affected negatively simply by borrowing small amounts and repaying them on time. The ugly truth is that lenders don’t find you profitable and can reject you on this basis if you don’t fit the type of customer they are looking for to benefit their business. You can also be rejected for having no credit history at all, as creditors have no evidence of you being able to repay loans on time. All of these factors can make obtaining credit for cars, mortgages, loans or contract mobile phones more difficult.

A blue car

To rebuild your credit score you have a number of options. These include checking your report and paying off the most recent negative payments. You can also acquire new credit if this is accessible to you and repay it to create newer positive entries on your credit report. One option for acquiring positive entries on your credit report is to buy a car on finance. The four main options that are available are a loan through the bank, a credit union, a finance company or a car dealership. Anyone who has been refused car finance because of their bad credit score may find that not all of these options are available to them. At Refused Car Finance we pride ourselves on being able to help anyone no matter what their situation is. If you have been refused car finance elsewhere due to your credit score or the fact that you are self-employed, on a benefit only income or have CCJs or defaults we would encourage you to apply as we have a 98.4% acceptance rate.

The number one rule to remember when considering buying a car on finance is that you make sure you make all of your repayments on time. Our team of experts will make sure that we take into consideration your current situation, financial income and outgoing expenses to make sure we offer you the cheapest rate to ensure that the loan affordability is right for you.

Registered with Information Commissioners Office ICO Registration Number: ZA132327

UK Car Finance Limited. Registered in England
Registered number 9397657.
Registered Office Lakeside House, 30 Northumbrian Way, Newcastle Upon Tyne, NE12 6EH

Refused Car Finance is a trading style of UK Car Finance Limited and is acting as a licensed credit broker and 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 – £8,500.00, Deposit – £0.00, Amount of credit – £8,500.00, Rate of interest – 16.24% per annum, Amount of interest – £6,912.00, Lender Documentation fee – £0.00, Lenders option to purchase fee – £10.00, Total charge for credit – £6922.00, First repayment – £256.70, Followed by 58 Monthly repayments of – £256.70, Final repayment – £266.70, Total amount payable – £15,412.00, Representative APR – 29.9%

*Last month, over 51% of Refused Car Finance customers that had their loan arranged were offered an APR of 29.9% or lower

In the first 3 months of this year, UK Car Finance Ltd received 2140 unique applications, of which we were able to offer 2136 applicants a line of credit, subject to the applicant being able to provide acceptable proof of affordability, being free from insolvency and or/a supporting guarantor fitting the lenders eligibility criteria, this represented 99.8% of applicants in this period.

Rated No.1 for car finance in the North East of England collated from Google Business Reviews

Refused Car Finance Reviews

4.92 Average

145 Reviews

Was so fast and easy Jacob was even doing out of work search’s for me , he done more than his job he helped me find my car I wanted and pushed through for me to get it as soon as possible .

Refused Car Finance where awesome they kept me informed every step of the application they where so professional in every aspect. I highly recommend them to anyone with poor credit history and for people who are long term benefits.

Paige was very professional and very helpful. Highly recommend