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Car Leasing Applications Declined

edited 16 September at 8:43AM in Credit File & Ratings
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k0zmick0zmic Forumite
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edited 16 September at 8:43AM in Credit File & Ratings
Hi
Trying to work out why my a couple of my car finance applications were declined. Car I wanted to lease was only ~£200 p/m with maybe ~£2.5k upfront. Lease type was PCH. 
- I'm in mid-twenties
 - Professional 
- Home / flat owned outright 
- Earn ~£60k p/a gross (plus bonus). Rising to ~£90k but they look at last 3 months 
- Credit score on Experian is "Good" but on Equifax its "average" 
- No overdue payments, loans, mortgage, other car finance loans etc. 
- No dependents
- Savings (~£30k+)
One of the lease companies asked for payslips, bank account etc. which I provided to appeal, but still declined. 
I don't understand why I would get declined? 
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Replies

  • edited 16 September at 8:47AM
    zx81zx81 Forumite
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    edited 16 September at 8:47AM
    What do your three credit files actually show (not the scores, but the data)? 

    Anything incorrect or negative?  Do you have any history, or do you have a particularly thin file?
  • D3xt3r5L4bD3xt3r5L4b Forumite
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    Can you not buy outright instead?
  • k0zmick0zmic Forumite
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    Can you not buy outright instead?

    Car is is 2020 model and costs £30k outright. 

    On lease the offers are very good at the moment (<1% Loan to value ratio). 
  • edited 16 September at 9:43AM
    D3xt3r5L4bD3xt3r5L4b Forumite
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    edited 16 September at 9:43AM
    k0zmic said:
    Can you not buy outright instead?

    Car is is 2020 model and costs £30k outright. 

    On lease the offers are very good at the moment (<1% Loan to value ratio). 
    You have £30k in savings though?

    Or look for an older, cheaper model?

    Edit: as already pointed out by multiple users in your other thread - https://forums.moneysavingexpert.com/discussion/comment/77593252#Comment_77593252
  • k0zmick0zmic Forumite
    19 posts
    10 Posts Second Anniversary
    k0zmic said:
    Can you not buy outright instead?

    Car is is 2020 model and costs £30k outright. 

    On lease the offers are very good at the moment (<1% Loan to value ratio). 
    You have £30k in savings though?

    Or look for an older, cheaper model?

    Edit: as already pointed out by multiple users in your other thread - https://forums.moneysavingexpert.com/discussion/comment/77593252#Comment_77593252
    I do, although its a case of opportunity cost (i.e. return on investing the cash vs depreciation of the car) so leasing would be preferable. 
    But yes, could look for older cheaper alternatives or get a family member to apply for leasing. 
    It was more, I was just trying to understand why they'd reject, because I could not understand. 
  • k0zmick0zmic Forumite
    19 posts
    10 Posts Second Anniversary
    zx81 said:
    What do your three credit files actually show (not the scores, but the data)? 

    Anything incorrect or negative?  Do you have any history, or do you have a particularly thin file?
    File age is around 3/4 years of credit history. 
    Data shows: 
    - 3-4 cred cards, two I use regularly, one I use just when travelling. Balances all settled / paid on time.
    - 2-3 bank accounts
    - Couple of addresses, family home and flat I own
    - Phone contract
    - Electoral roll data (Equifax made a mistake taking me off, since rectified, but that was it) 
  • Shakin_SteveShakin_Steve Forumite
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    k0zmic said:
    zx81 said:
    What do your three credit files actually show (not the scores, but the data)? 

    Anything incorrect or negative?  Do you have any history, or do you have a particularly thin file?
    File age is around 3/4 years of credit history. 
    Data shows: 
    - 3-4 cred cards, two I use regularly, one I use just when travelling. Balances all settled / paid on time.
    - 2-3 bank accounts
    - Couple of addresses, family home and flat I own
    - Phone contract
    - Electoral roll data (Equifax made a mistake taking me off, since rectified, but that was it) 
    You can't have 3-4 credit cards and 2-3 bank accounts, it's one or the other.
    I came into this world with nothing and I've got most of it left.
  • Kiwistrawb1990Kiwistrawb1990 Forumite
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    I wouldn't spend £30k on a new car either! 
    Literally 0 point owning a car these days. Depreciate in value as soon as they've left the forecourt and most people want to change their car after 3 years or sooner. 
    Much easier to swap cars and not have to worry about selling or trading them in. 
  • edited 16 September at 6:59PM
    DCFC79DCFC79 Forumite
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    edited 16 September at 6:59PM
    k0zmic said:
    k0zmic said:
    Can you not buy outright instead?

    Car is is 2020 model and costs £30k outright. 

    On lease the offers are very good at the moment (<1% Loan to value ratio). 
    You have £30k in savings though?

    Or look for an older, cheaper model?

    Edit: as already pointed out by multiple users in your other thread - https://forums.moneysavingexpert.com/discussion/comment/77593252#Comment_77593252
    I do, although its a case of opportunity cost (i.e. return on investing the cash vs depreciation of the car) so leasing would be preferable. 
    But yes, could look for older cheaper alternatives or get a family member to apply for leasing. 
    It was more, I was just trying to understand why they'd reject, because I could not understand. 

    Either look for something cheaper or use your savings.

    Your score is of no indication of your credit worthiness, what matters is your credit history.

    You can be rejected for any reason.
  • k0zmick0zmic Forumite
    19 posts
    10 Posts Second Anniversary
    k0zmic said:
    zx81 said:
    What do your three credit files actually show (not the scores, but the data)? 

    Anything incorrect or negative?  Do you have any history, or do you have a particularly thin file?
    File age is around 3/4 years of credit history. 
    Data shows: 
    - 3-4 cred cards, two I use regularly, one I use just when travelling. Balances all settled / paid on time.
    - 2-3 bank accounts
    - Couple of addresses, family home and flat I own
    - Phone contract
    - Electoral roll data (Equifax made a mistake taking me off, since rectified, but that was it) 
    You can't have 3-4 credit cards and 2-3 bank accounts, it's one or the other.
    I have Amex (so no bank account) but Nationwide current (but no credit card) as an example. 
    Just putting ranges for some anonymity / ambiguity. 
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