Car Finance 247 Approved then Declined?

If you’ve applied for Car Finance with Car Finance 247 and are wondering why you were approved but are now declined

Why was my finance application approved then declined?

Car Finance 247 is a broker, not a lender, which means that they will not be directly approving any customers, but offering finance on behalf of a panel of car finance lenders.

If you find yourself wondering ‘Why was my finance application approved then declined?’, here are the main things that are likely to have happened:

• Your approval ran out – finance companies generally offer finance for 30 days before completing another credit check which could lead to a rejection.
• The documents you provided didn’t match what the finance company was expecting:

1. Your Driving Licence is in a different address than those provided on your application
2. Your payslips show a lower monthly net income than you put on your application
3. Your payslips show a lower year to date income that shows that you may have been working there shorter than you put on your application
4. Your bank statements have a lot of unpaid direct debits, unauthorised overdraft usage, or gambling
5. Your self-employed income on your bank statements is lower than you put on your application
6. Your benefit income on your bank or benefit statements is lower than you put on your application

If any of the above was the reason for your rejection then that finance company will not consider your application for another 30 days.

Car Finance 247 Declined Me – Can I still get car finance?

Possibly. Car Finance 247 are a car finance broker and some car finance providers deal with dealers only, so there is a chance, if you apply to a Bad Credit Car Finance Dealer, that you could get approved with one of the following lenders:

• Billing Finance
• Blue Motor Finance
• Family Finance
• First Response Finance
• Lendable
• Mallard Vehicle Finance

Get A Better Car deal with all of the above, so if you had your application with Car Finance 247 no longer approved then apply below and we’ll see what we can do.

Car Finance 247 Changed their mind about my approval – what can I do?

Unfortunately, there is nothing that you can do to appeal a car finance lenders decision, they are entitled to offer car finance subject to whatever terms they see fit. If your documents aren’t what they are looking for, then it is their prerogative to decline your application.

Most finance companies aren’t looking to decline people after initially approving them as it gives them a bad reputation and brokers will be less likely to continue using lenders that approve then decline.

Car Finance 247 No Longer Approved – What should I do?

So, you’ve had your application with CarFinance247 Finance approved then declined? You want to know what your options are?

You won’t be able to reverse the decision, there are just different alternatives to try and get approved for finance with a different car finance company:

• Apply to a bad credit car finance dealer directly
• Make a joint application with someone at the same address as you
• Wait 30+ days and try again

These are the options that are most likely to achieve something for you.

Do you deal with Car Finance 247?

Yes we do. We’ve been authorised by Car Finance 247 for a number of years and advertised our cars on the Car Finance 247 Car Search. If you’d like to see what cars we have in stock, you can click here.

We can use your CarFinance247 Finance approval if you have one already, or, because we use soft search, we can obtain the same approval that you already have, or maybe a better one because of our increased panel of lenders and take care of the whole car finance process for you.

SOME OF OUR REVIEWS…