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.
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.