Up til i got my i10 i was not on board with finance on a car and only now see the point in it when it involves under 10k but anyways..

 

A new work colleague is having trouble getting fiance so i offered to help her out by talking to the salesman who dealt with me, she has not a clue when it comes to car buying so offered to set her right and do it the correct way.

 

Got a phone call back saying no sorry she has been declined, due to various reasons all of which are understandable, we were going on a whim.

Another friend went for finance on one of cheapest new cars going, the Mii, got declined. Same story from a friend of a friend, no credit flaws but yet no acceptance.

When i first went for my finance i worried as my rating is poor due to a phone contract that went sour with 3 and bad credit from a previous house but i got through no questions asked.

 

As far as i was aware they threw new car's at people, its normally a win win situation for the finance company so i wondered what has happened?  

They must have something bad on their record.

Finance companies are throwing money at people, just if you are a bit of a bad risk you need to use the correct firm and pay a bit more.

I'd suggest they do an experian report on themselves.

Its good that finance companies are taking a stricter approach. Most companies are too quick to levy people with debt. Same goes for these payday loans. They need banning.

Day

They definitely need to get a credit search done as Richard says, just remember to cancel the 'free account' within the month or they'll start getting charged a monthly fee for a product that offers little value.

 

It could be down to something as seemingly innocuous as an overdraft being used frequently that's giving them a bad rating.

 

Edit: There is a 'free' service offered by noddle that can be signed up for, it offers mostly the same information as the likes of Experian, Equifax etc offer. In fact, the more of the 'free' reports they obtain the more information they'll get as different reference agencies may hold different records.

With my co-worker we did do a credit check and it was 500 odd which i thought was the weird thing, not great but terrible either.

Ive always been under the impression they thrown money at people which yes is sad but the buyer should hold the responsibility 

500 is pretty bad IMO.  That's like 50%.

Yeah half way there but like i said i thought they gave them away, i know some folk out of a job who have Audi's and Bm's

With my co-worker we did do a credit check and it was 500 odd which i thought was the weird thing, not great but terrible either.

Ive always been under the impression they thrown money at people which yes is sad but the buyer should hold the responsibility 

 

I've never had any sort of finance/loan or anything like such so cant really comment. 

Day

Yeah half way there but like i said i thought they gave them away, i know some folk out of a job who have Audi's and Bm's

 

If you go to a side of the road car sales place they have pretty dire finance firms that will give anyone credit.

But the interest rates are rather high.  They lose some and take more risk, so everyone pays more.

You can also find garanteed credit on the interwebs.  Again, they'll have you eating bread and cheese for the next 10 years just so you can impress your neighbours with your 8 year old "I've got a BM".

 

Main dealers can be a bit more choosy, hence rates are lower.

A former colleague of mine had some difficulty getting a small (and I mean small, around £3k or so) loan from his bank a couple of years ago - he'd managed to spend 10 years completely debt free and avoided credit cards like the plague - the result was he didn't just have a poor credit rating, he had no credit history at all, in the end his bank's branch manager had to give the OK for the loan as the computer continually flagged him as 'high risk'.

 

Credit ratings are a strange beast. It sometimes seems to me that you have to have debt and make the regular payments to prove that you're worthy of taking on more debt :/

I think i have a healthy rating now but only because i actually have a fair bit of credit, over draft, phone contract, small amount credit card, very account and a few house hold bills but other then the mess around with 3 ive never missed a payment and all (credit) have been paid off, used credit and once again paid off.

Yup. you need to have credit to get a credit score. SWMBO had some trouble in the past because she likes to pay in cash for everything. She ended up getting a credit card just to establish a score.

 

The other thing that can cause issues is sharing an address with someone who has or had problems. Can even be a previous owner or tenant doesn't need top be current. Credit score check should point out issues.

 

I had a debt collector phone the house asking for money once. Nothing even to do with the address they just had a phone number and that was what they went on even though they are allocated at random as they become free. They're feckin lazy with that sort of thing.

Could be anything. Time at address, not being in the electoral register, too much credit, too many credit checks, poor repayment history, no credit history, even having too much credit available but not being used (credit cards).

I wouldn't go applying for more credit until the reason is known as more credit searches will lower the score further.

This type of thing can be caused by a number of factors.  Have they linked finances with a partner?  If so then the partners rating can also effect their rating.  Is there anything which looks suspicious etc.  Finally there is affordability. 

Could be anything. Time at address, not being in the electoral register, too much credit, too many credit checks, poor repayment history, no credit history, even having too much credit available but not being used (credit cards).

I wouldn't go applying for more credit until the reason is known as more credit searches will lower the score further.

 

This...

Apart from my (now corrected) issue i had with T-Mob when getting a mortgage last year, i had pretty much a "perfect" credit record.

Even just moving house has dropped it considerably just because of the change on the electoral roll and short time-at-address, even though all my credit accounts have been updated accordingly.

 

It definitely sounds like there is a problem flagging up there, and several declines in a row does not look good on any report, so would wait at least 6 months before any further finance applications are made.

they must be giving it away, I got it, and I have a bad credit record... and I got on with Barclays at a relatively good 7% ....