Refused car finance, what should you do?

When you get refused for car finance, it might seem to be a very big problem since a car is such an asset that it cannot really be purchased with cash because they cost quite a lot. You would almost always have to depend on credit in order to be able to pay for it.

However, no matter why you have been turned down by any other lender, there is still a sure shot way of getting a loan for all types of people.

There is an increasing number of firms and financial companies that specialize in providing car finance to those who have been rejected by the other banks and financial companies because of their poor credit. These loans are known as refused car finance.

How to find refused car finance easily?

There can be many reasons why your application might be rejected by other lenders. CCJs, bankruptcy or even a few missed payments might be considered a red flag by the other lenders while studying your applications. 
However, even if your application has been rejected by others, you do not have to be worried because you will still have refused car finance as an option.

One of the easiest ways to find refused car finance is to go to a special car finance website that offers you various finance alternatives. You would be able to check lender quotes and compare them. There are many such websites that even offer you tips on how you can improve your credit score so that you would not have your application rejected in the future again.

Various benefits of refused car finance

Having your application refused again and again by a company can be very frustrating. Some individuals who are self employed also get rejected if they do not have sufficient income proofs which can be very inconvenient. Websites that offer you such services have plenty of contacts with lenders that offer such finance deals.

They would be able to negotiate on your behalf. Websites like Autotrader offer such services and within just a few hours, you would have a list of lenders that offer such loans. Since these loans are riskier for the lenders, you can expect to pay a higher interest rate on the loan.

In some cases, you might have to even provide collateral like your home and car. You should also think about how you would handle all your monthly payments once you take refused car finance.

Websites like Autotrader would compare leading lenders like Virgin Money, Barclays, Abbey, Nationwide, Llyods TSB, NatWest, Bank of Ireland, Lombard Direct, First Direct, Alliance and Bank of Scotland.