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What to do if refused car finance

get a car after being refused car finance

Rejection is painful. You’ve been looking at getting a new car, do all the research and decide on a few makes and models, perhaps even go on a test drive and then apply for credit only to be refused car finance. It’s hard not to panic, but there’s no reason to just yet, so what options are available that will get you behind the wheel of the car you want through a car finance plan that suits you?

Find a better dealer or broker

The first thing to remember is that there are dozens of lenders out there and a multitude of different ways to finance a car. We commonly see customers that have gone to a franchise dealer and been through all the hassle of finding a car and then applying for credit only to get turned down for credit. Franchised dealers typically have very limited lending panels. They tend to have a ‘captive’ lender which is their group’s own finance company. These lenders also tend to be more conservative and are looking for those with prime or near prime status so it’s no wonder many are refused. Fortunately, there are a few brokers with cars (like Hippo Motor Finance) who may well have the solution.

Find the car you want

Firstly, when it comes to car choice, we have you covered. We have thousands of brand new finance and lease deals for pretty much every car under the sun and 800 real vehicles in stock of all makes and models and another 600 vehicles on the way to our prep centre and showroom. If we don’t have the nearly new or used car in stock you need, we can simply ask our team of buyers to find you the right one.

Vehicles sorted!

Choose the finance that suits you

Next comes the finance. Hippo Motor Finance has built up a trusted and a proven panel of 14 lenders that ranges from prime to subprime, catering for everyone in between.

This means that we have specialist lenders who are actually set up to accept people with less than pristine credit histories. They recognise that people may have had pressures on their credit rating for a huge amount of reasons, often through no fault of their own like being made redundant, having a partner with debt issues, getting divorced etc. They don’t judge, but instead look to provide financial solutions so you can get into a brand new, nearly new or used car.

The fact is that you might have to pay a higher APR than someone with perfect credit history but in many, many cases they will accept those with a poor credit rating and often the APR is surprisingly good or not affected at all.

Soft search credit check

Another key point to mention is that at Hippo Motor Finance we use soft search in the first instance which means that if you apply with us, lenders won’t be able to see if you have been rejected and this means that your credit rating will not suffer – it’s a major point in avoiding making a poor credit history even worse.

Hippo Motor Finance genuinely doesn’t have particular cars or finance to push. We want you to get the car that suits you regardless of if you need a van that doubles as a people carrier on the weekend or a shiny sports car or a practical SUV. Our helpful and dedicated account managers are trained to find out what matters to you first then help you get that car.

Choose the appropriate finance for your needs

We also have no preference as to which finance you chose. We have Personal Contract Purchase (PCP), Personal Contract Hire (PCH) or Hire Purchase (HP), the choice is yours and the same account managers can explain the benefits of each so you can choose the finance that’s right for you.

That’s the finance and cars taken care of!

We realise that there is one more factor when you have been refused for car finance, you really don’t want to jump into the first car where you get finance acceptance, and you should always choose a reputable car dealer or broker.

You want to know that you are going to get good service, warranted cars and the post-sales service you need and deserve. Hippo only supplies cars with warranties (either the manufactures or our complimentary Platinum Warranty), we have a workshop and body-shop with 40 staff and we look after our customers plus we also deliver nationwide.
Check if you’ll be accepted for car finance without hurting your credit score. Already know what car you’re after? Browse our deals and apply for car finance today or call 01254 956 777 to discuss your requirements.

Representative Example of Credit

We expect more than 51% of our customers to achieve this rate.

Loan AmountTotal Cost of CreditRepresentative APR48 Monthly PaymentsDeposit AmountLoan TermTotal Amount Payable
£7,500£3019.1619.1% APR£219.77£048 Months£10,519.16

We are a broker not a lender and our registered office is Trident Park, Trident Way, Blackburn BB1 3NU. Our contact number is 01254 919000

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