Car Finance Approved Then Declined? Why It Happens (Video)

Had your car finance approved, then declined? In this short video, Brutus Bettercar from Get A Better Car, Nottingham’s bad credit car finance specialists, explains the most common reasons a lender says yes and then no – and what drivers in Nottingham and Nottinghamshire can do next.

What the video covers

• Payslips lower than declared. If your payslips show less income than you put on your application, the lender may decide you can’t afford the repayments.
• Driving licence problems. Too many points, or an expired licence, can lead to a decline.
• What your bank statements show. Whether you use open banking or send statements, lenders look for things like regular gambling, unpaid direct debits and going over your overdraft limit.
• Another address comes to light. If the lender finds another address and its search shows more bad credit, the application can fail their credit checks.
• What to do next. Another car finance dealer may have more options than your broker – try a bad credit car finance specialist dealer that works with every fair and bad credit lender.

Declined after approval in Nottingham?

Get A Better Car is a bad credit car finance specialist dealer based in Nottingham, helping drivers across Nottinghamshire who have been turned down elsewhere – including after a provisional approval. We work with specialist bad credit lenders who look at your whole situation.

Read more about being approved then declined, see car finance in Nottingham, or watch more of our car finance videos, including the 5 steps to get approved.

Check your eligibility

Video transcript

Hi, I’m Brutus Bettercar. So, you’ve had your finance application approved but then declined, and you want to know why? Okay, we might be able to help answer this question.

Firstly, if you’ve provided some documents to the finance company – if you’ve provided payslips, and those payslips came out lower than the information you submitted to the finance company in the first place – then they may think you have lower affordability, and you may have failed this check.

If you supplied a driving licence and that driving licence has too many points or it’s expired, this may be what has happened.

If you have done open banking or supplied bank statements, finance companies will look for multiple things within your bank statements. Is there a lot of gambling? Are there unpaid direct debits? Are you regularly going over your overdraft limit? All these factors may result in the finance company originally saying yes and then later saying no.

Also, if another address has come to light and they search that address and it comes up with more bad credit for you, then it could fail their credit checks.

So, if you’ve been approved and then declined, this is why. If you apply to another car finance dealer, they may have more options for you than your broker. So, try a bad credit car finance dealer, and try every single option for fair and bad credit car finance providers.