Been declined for car finance in Nottingham? In this three-minute video, Brutus Bettercar from Get A Better Car, Nottingham’s bad credit car finance specialists, walks through five simple steps that improve your chances of getting approved for bad credit car finance.
Get A Better Car is based in Nottingham and helps drivers across Nottinghamshire who have been turned down elsewhere. Once you’ve worked through the steps, check your eligibility below – it’s a soft search, so it won’t affect your credit score.
See also no credit check car finance explained, car finance in Nottingham, or more of our car finance videos.
Hi, I’m Brutus Bettercar, and I’m here at Get A Better Car to teach you the five steps to help you get approved for bad credit car finance.
Step one – the first thing you’ve got to do: register to vote. Now, finance companies don’t care if you vote or not, but they do want to make sure you live where you say you live, and they all use the electoral roll to check you live there.
Step two: make sure your current credit is registered to your current address – your bank account, your credit card, your catalogue, your mobile phone. Make sure it’s all registered to your current address, so the finance companies can see that you’re keeping your file up to date, and they can also use it to prove your address.
Step three: if you’ve got any arrears, if you are over your overdraft limit, if you’re over your credit card limit, you’ve got to get that stuff caught up. Finance companies will look at that and see that you are financially struggling right now, and they will think, “We cannot lend this person money at the moment.” So, if you get your arrears caught up, make sure you’re under your credit limit and make sure you’re under your overdraft limit, you’ll have a better chance.
Step four: just wait – at least 30 days since your last application. If you apply within 30 days, a finance company that’s declined you will automatically decline your application again, and that will mean they won’t even consider any changes you’ve made to improve your credit file. So, make sure you wait before you apply again.
And the final step, step five: if you can afford to do this, pay off, or pay some money towards, any old debt that you’ve got. Finance companies log the balance you owed when you defaulted, and they also log the balance now. If the balance now is lower than the balance when you defaulted, they will see that as a positive sign that you have worked towards paying off the default. They will look upon that favourably, and when they do their credit check on you, they will give you a better score and more chance of getting approved for bad credit car finance.
So, I hope this helps you, and I hope you can get a better car soon with bad credit car finance.