car finance

samantha_yusuf

hello - im in need of a new car -i got my credit report on experian which recons i have a good credit rating

however i cannot seem to get a loan and was just declined car finance

does anyone know how to get round this or how to get a good finance option?

any tips will be helpful!

hewhoisnotintheknow

do you really need to buy it on finance?

samantha_yusuf

well i dont have any savings - it seems i will need to borrow money either way

AdrianHi

Have you ever had any kind of loan or credit card?
Absence of any debt repayment history can be a problem.
One solution might be to take out a credit card that pays cash back bonuses and set up a direct debit to clear the balance each month. Quickly establishes a record of someone who can borrow and pay back.

Lemonade_Pockets

Generally speaking the only reasons people can't get credit is no history or bad history.

You could try speaking to finance company that turned you down, try get through to the underwritters and ask them what you failed on. You'll have to ask nicely to avoid been fobbed off.

If your buying a car and your young it is possible to get proposed with your parent as a Gaurantoor (assuming they're credit worthy). This basically means your parents are responsible if you don't pay. This extra security for the finance co can sometimes make them more likely to lend the money - to my knowledge you can only do this on a motor loan not a personal one.