Can't get Car Finance!

danjones

Hi!

Looking for a bit of advice please. I recently sold my car as the monthly insurance was skyrocketing and i didn't need something so flash as i am now living practically next door to my Job. The car was financed for £6000 through Carlyle and that was cleared with the sale of the car. When i spoke to Carlyle before clearing the finance they said that as i have never missed a payment etc. that there wouldnt be a problem getting the finance with them. I made £750 on the car and i want to use this as a deposit for the next car.

I sold the car 2 weeks ago and i finally saw a car this week that i really liked at £3995. Over £2000 less than my previous finance. I applied to Carlyle to get the finance sorted on this car and they refused it. I then asked the dealer to find finance for me and then Santander denied that to me as well! I'm really stuck now as i can't understand why i'm getting refused. I work full time, have 1 credit card with £400 on it which i pay over the minimum amount on and also i have a 0% finance agreement with blackhorse where i have around £88 left to pay. I've never defaulted on any agreement nor do i have any CCJ's.

My only option i can see now is getting a loan through my parents (dad taking it out for me), but i wanted to get the advice of fellow MSE's to see if this is a sensible option and are there any other options open to me. I don't want to go down the carcraft route of paying extortionate APR as i'd rather not have a car!

Dan

MYLITTLESISTERLOLA

Have you check your credit report to see if there is anything on there ?

Have you tried your bank or maybe black horse ?

CLAPTON

it would seem that you don't actually need a car
so why not save then spend

but getting copies of your credit report makes sense

Caz3121

Also check that you are on the electoral role for your address

Coveredinbees!!!!

If you can walk to work and don't need a car I wouldn't bother getting one for now and save up. I would set up a standing order to transfer the money you would be paying in loan payments in to a savings account after pay day then you won't get used to the money being there and save up for a car. Get in to the saving habit now you might want to buy you own place soon and you will need to have money behind you to do that.