Will I be accepted for car finance? - Motor Finance 4u, Tunbridge Wells, Kent
Motor Finance 4u - Used cars in Tunbridge Wells
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Will I be accepted for car finance?

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Paid you back? We’re guessing the answer is ‘probably not’. If you’ve not paid your bills in the past, the chances are you’re more likely not to pay the upcoming bills following acceptance of the agreement. So, if you’ve deferred on payments in the past, now is the time to start cleaning up that credit It’s an ongoing concern when buying a car. You’ll go through all the rigmarole of viewing different cars for weeks, then you find the perfect one and so comes the dreaded question we often ask ourselves; “will I be accepted for car finance?”.

Times have changed in recent years, with the rise of attractive PCPs and Contract Hire finance agreements (that are almost too attractive to ignore); we’re applying for more car finance than ever before.

Much like the way we purchase the most up-to-date mobile phone, we now pop down a small deposit and pay a monthly fee to loan the newest reliable motor for a fixed period. And why not? But lenders are also getting wise to this, and getting even more choosy about who they lend their money to.

Naturally, as you’re probably aware, your current financial situation and credit status is the biggest factor in getting motor finance (after having a regular income, of course). So, gaining motor finance isn’t always a guaranteed ‘yes’. This is a process that can often cause a person distress. We here at Motorfinance4U want to try and make this process as easy and as simple as possible for you.

Confusingly, every lender (and there are a lot of them) will have different criteria of what they look for in a borrower when working out who to lend their money to, further adding to the uncertainty of being accepted for motor finance.

Here are some of the things you need to look at to increase your likelihood of getting that ‘yes’:

Credit score

A person with bad credit history doesn’t set the best example when lending money. For example, would you lend money to a friend who has never report. Most credit agencies offer a one-time payment option for them to send you a full copy of your credit report for you to go through and check up on any questionable entries and to help you clear up what’s on there. The most widely used credit agencies include both Experian and Equifax – both of which offer the ability to purchase your credit report from them. If you happen to have a reasonable credit rating, it’s still worth going through and making sure everything is correct, because despite you probably having very little issue in gaining the car finance, you may be entitled to a more attractive interest rate. The more risk you appear to be, the higher the offered interest rate.

If you have no credit history at all; maybe you’re young, or you’ve never thought to purchase anything on tick. If you struggle getting finance, a guarantor loan is a good way to go; this involves someone you know signing for you confirming that they are happy to take on the debt if you defer payment. Or you could open a more-likely accepted phone contract or credit card (we would advise paying off the balance in full each month, to avoid interest charges) to build your credit rating. So, first off, opening new credit sounds scary, but just use it to purchase something you’d purchase every week. Say for example your weekly shop or your lunch at work. A cost that would otherwise be paid using your debit card. Then pay off the balance at the end of the month using the account you would have bought your lunch from in the first instance. Doing something so simple for six months, will show lenders you can manage money. 


Your credit rating could be the best rating in the world, but if a lender doesn’t think you can afford it they won’t lend you money. It’s really as simple as that. Lenders favour a stable income, so those that are self-employed get looked at a little more closely. If your income differs each month, you may find it more difficult to get accepted.


Some borrowers often think that having no deposit is a bad thing and will mean an instant ‘no’ when applying for car finance. That’s simply not true. We work with a number of lenders that often don’t require a deposit at all. Some agreements themselves are based on a 0% deposit. Do be aware, though, that these 0% deposit offerings often come with a higher interest rate (APR).

So, in answer to your question; “will i be accepted for car finance?”, if you follow the above advice and act on it sooner rather than later (to show a longer period of money management) you’ll increase your chances of being accepted for motor finance tenfold. 

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Car Finance Company
01892 822000


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