Car Leasing Applications Declined

k0zmic

Hi
Trying to work out why my car finance applications were declined. Car I wanted to lease was only ~£200 p/m with maybe ~£2.5k upfront. 
- I'm in mid-twenties
 - Professional 
- Home / flat owned outright 
- Earn ~£60k p/a gross (plus bonus) 
- Credit score on Experian is "Good" but on Equifax its "average" 
One of the lease companies asked for payslips etc. which I provided to appeal, but still declined. 
I don't understand why I would get declined? 

k0zmic

I should add, never missed a credit card payment, no overdraft, no mortgage or other loans, or dependents etc. 

sweetsand

k0zmic said:

I should add, never missed a credit card payment, no overdraft, no mortgage or other loans, or dependents etc. 

Do you have savings?
possibly becuse you have not really borrowed money and pay your cc without paying interest? Sounds crazy but that is what a friend was told.
all seems well, so I am as confused as you are.

onlyfoolsandparking

Your profile just doesn't fit their lending criteria, it happens. 

CocoM2020

Post further up the forum in the Essential Money (Credit file and ratings). Excellent advice can be found there from people who know way more about this than some people. 

Grumpy_chap

Was the OP looking at lease or PCP?

Either way, OP is mid-20s, owns home outright and earns £60k.  Best approach is to save up and just buy whatever car you choose.

k0zmic

sweetsand said:

k0zmic said:

I should add, never missed a credit card payment, no overdraft, no mortgage or other loans, or dependents etc. 

Do you have savings?
possibly becuse you have not really borrowed money and pay your cc without paying interest? Sounds crazy but that is what a friend was told.
all seems well, so I am as confused as you are.

 Yes, have savings. Showed my bank account on appeal which included my bonus payment but also have other accounts (NS&I, ISAs etc.) 

k0zmic

CocoM2020 said:

Post further up the forum in the Essential Money (Credit file and ratings). Excellent advice can be found there from people who know way more about this than some people. 

Ok thanks will do

k0zmic

Grumpy_chap said:

Was the OP looking at lease or PCP?

Either way, OP is mid-20s, owns home outright and earns £60k.  Best approach is to save up and just buy whatever car you choose.

I was looking at PCH. 

Thing is, buying outright would make less sense given the offer is so good on the lease agreements for this car (sub 1% lease to value ratio). 

neilmcl

PCH providers tend to follow a far stricter regime when making decisions than a finance providers offering PCP/HP finance. It may well be that you actually have no or very little credit history that's the problem.

sweetsand

k0zmic said:

sweetsand said:

k0zmic said:

I should add, never missed a credit card payment, no overdraft, no mortgage or other loans, or dependents etc. 

Do you have savings?
possibly becuse you have not really borrowed money and pay your cc without paying interest? Sounds crazy but that is what a friend was told.
all seems well, so I am as confused as you are.

 Yes, have savings. Showed my bank account on appeal which included my bonus payment but also have other accounts (NS&I, ISAs etc.) 

Thanks OP
Looking at our credit points or whatever they are called, i regsitered with someone last night did a check on me then my OH - we have very low rating -  This is becuse we've hardly borrowed money and the cc's are paid off without paying interest and the last mortage was more than 15 years ago we have saving etc, long history of sving, property all paid for - therefore, IMHO you are lacking credit history hence your not too bad score but those cehcking it do not have decent sytems in place to let them know that you are hardly a risk and if things went wrong they could easily recover their money.
Have you considered buying a pre-reg or neearly new car as you have the money? Sure it may not meet your requirements just a thought.
ATB