Car finance calculator

Good credit
Bad credit
Amount to borrow:
To repay over:
5 Years
Car finance rate XX% APR
Cost of credit £ XXX
Total repayment £ XX,XX.XX
48 monthly payments of
£ 245 /mo

Representative example - Borrowing £5,500 over 4 years with a representative APR of 19.8%, and a deposit of £0, the amount payable would be £162 per month, with a total cost of credit of £2,282 and a total amount payable of £7,782.

Compare car finance from 20+ trusted providers without affecting your credit score

Why have you been refused?

There are a number of reasons as to why you may have been refused car finance in the past. Each lender uses a different eligibility-checking system, so the specific reasons will vary. However, here are the most common:

  • Having a bad credit score is the most likely reason you’ve been declined. A bad credit score can result from poor money management, failing to repay loans on time or even declaring bankruptcy. Even not being on the electoral roll can worsen your credit score;
  • You may have been unable to afford the deposit that the lender was asking for;
  • You may have been asking to borrow more money than the lender thought you could afford to pay back each month, based on your monthly income, or you were unable to provide evidence of your monthly income;
  • A lender rejecting you in the past can have an adverse effect on your credit rating, in turn resulting in other lenders rejecting your application. Once you’ve been rejected, other lenders will often see this as evidence of you being a bad credit risk.

Each finance company has their own vehicle credit lending criteria, it could have been anything from your credit score being too low, to not being able to prove your monthly income.

Perhaps your address history couldn't be verified or it could simply be that the amount you're trying to borrow was considered too high compared to your income. In this case, it’s a good idea to check your credit file. You may even spot a few mistakes you can correct. Being declined by one lender doesn’t necessarily mean that you will be declined everywhere and it only takes a few minutes to find out whether you could be approved with Carplus. Make a refused bad credit car finance application today to get an instant decision.

What’s the next step?

We specialise in helping with car finance for people who have been refused previously, and we can offer you a range of car loan options.

Once you’ve filled in our online application form, we’ll perform a soft credit check. This allows us to assess your likelihood of being accepted before you are passed onto our panel of lenders. If it’s unlikely that you’ll be accepted, we won’t pass you on to receive a formal credit check. Failing a formal credit check will further hinder your credit score, as such we are careful only to pass on applications that we are confident will be approved.

Ways to help your application

While we pride ourselves on being able to help people who have been refused car finance in the past, we cannot guarantee that your application will be successful. As such, we recommend that you do the following in order to help your application.

  • Improve your credit score by ensuring you are on the electoral roll and the information held by credit reference agencies is correct and up-to-date;
  • Offer to pay a larger deposit, thus reducing the size of the loan you’ll need to borrow and increasing your trustworthiness in the eyes of lenders;
  • Have a friend or family member be a guarantor to give lenders further confidence that they’ll receive their repayments on time

Will applying affect my credit rating?

Absolutely not. We perform soft searches rather than hard searches initially, which don’t affect your credit score in any way. Not all companies do soft searches initially, opting to perform hard searches instead, but we know that these searches can have an impact that can be avoided. Too many hard searches can reduce your ability to borrow credit in the future. Applying for a car loan online on Carplus won’t affect your credit rating unless we do a full credit search on your car finance application. We aim to provide a second chance for our customers, which allows them to build their credit score through monthly repayments. Apply today for a same day decision vehicle credit.

Get in touch with us today at 0333 050 8103 to find out how we can help you.

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