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Refused loan applications
Tylersheri16
Posts: 6 Forumite
in Loans
Hi there,
I’m needing some help, I have check my credit rating and have a great score. Iv never been in debt or had any credit cards. However I have tried with 2 different providers(Sainsburys/admiral) to apply for a £6000 loan for my first ever car and keeps getting refused. I’m really devastated as I have put down a deposit on a car believing it wouldn’t be this difficult to get one. Can someone please help me.
I’m needing some help, I have check my credit rating and have a great score. Iv never been in debt or had any credit cards. However I have tried with 2 different providers(Sainsburys/admiral) to apply for a £6000 loan for my first ever car and keeps getting refused. I’m really devastated as I have put down a deposit on a car believing it wouldn’t be this difficult to get one. Can someone please help me.
0
Comments
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Your score is made up. It won't get you a loan. Ignore it.
What do your credit files show?
What do you earn?0 -
We did all checks yesterday and there shouldn’t be no reason to why being refused. Sainsburys had said it’s due to not having any previous credit history.
A month £1500 roughly0 -
Sometimes more depending on commission0
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Tylersheri16 wrote: »We did all checks yesterday and there shouldn’t be no reason to why being refused. Sainsburys had said it’s due to not having any previous credit history.
A month £1500 roughly
That's the reason there.
You should have enquired about a loan first and then once secured you put a deposit down on a car.
Sainsburys can be picky with who they accept.0 -
A lack of history makes you high risk.
Start build a credit history by getting and using a credit card. Use the time to build some savings.0 -
But admiral haven’t given me a reason just based on their checks0
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So what am I meant to do in the meantime after already making a deposit on a car?0
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Tylersheri16 wrote: »But admiral haven’t given me a reason just based on their checks
They won't tell you the reason.
But the reason is a lack of credit history.0 -
Tylersheri16 wrote: »So what am I meant to do in the meantime after already making a deposit on a car?
Beg and plead and see if they'll return it. They probably won't, but you can try.
Failing that, you may as well try another lender, although the result is likely to be the same.
Does the dealer do their own finance?0 -
They don't have to give a reason - it is a business decision that they have made.
You have no history of managing credit correctly which means that you will be seen as high risk.
Maybe set you new car sights slightly lower? In this instance you might have more joy getting dealer finance as they will be anxious to sell the car.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0
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