Why have I been refused Car finance?

What you need to know and what to do next

It can be disheartening to have a car finance application refused, especially when you have your ideal car in mind. A rejection from a mainstream lender can happen for many reasons, from a bad credit history to the total cost of the vehicle. However, this does not have to be the end of your journey.

Understanding why your application was unsuccessful is the first step toward moving forward. Here at Swansway Motor Group, we believe that past financial difficulties shouldn't prevent you from getting back on the road. We can help you explore the reasons for a refusal and guide you towards alternative solutions, helping you find a way to get behind the wheel with confidence.

What to Do After a Car Finance Refusal

While being refused car finance can be frustrating, it is an opportunity to focus on the future and improve your position. By taking proactive steps, you can get yourself back on track towards owning a new car. Here are some practical actions you can take:

• Make sure that all of the details on your credit file are correct
• Pay down or off your loan and credit card balances
• Register on the electoral roll
• Make your payments on time
• Explore different options that will enable you to purchase a car, such as purchasing secondhand or applying for a different type of car finance
• Consider purchasing a cheaper vehicle

A refusal is not the final word. By working on your credit score and considering alternative purchasing methods, you can still find a path to getting behind the wheel.