There can be many reasons why you might be refused finance when you it comes to buying a new car. Bad credit can be a no-no, as can County Court Judgments or being found bankrupt. All these are perfectly understandable, although very frustrating if you find yourself in this position. But these are not the only reasons why finding finance for that dream car could become an issue that makes the dream turn into a nightmare.
If you are self employed, or work freelance, or literally work in any circumstances where your pay may differ from month to month, you may find yourself in a position where you are not accepted for finance. I have many friends who are in just this position who are quite literally fed up with being rejected, despite being in full-time work, albeit of a self employed nature.
Moneybarn is a company that is focused on helping people with car finance. A member of the Finance and Leasing Association, the official trade organisation of the motor finance industry, Moneybarn prides itself on a fairer system of decision making when it comes to offering finance, not just looking at your credit score which can be affected by debts like student loans, an odd missed payment or problems that were many years in the past. Moneybarn wants to be a responsible lender, so it assesses your current outgoings to see if you can afford to pay for the car, along with any current debts you have to ensure you are not getting yourself into a situation you genuinely can’t pay for.
You can apply online once you have found your dream motor, using the car finance calculator on the Moneybarn website, and then, once all your details are logged, you will get a call back to discuss in further detail.
Of course, you are ultimately responsible for making sure you don’t miss your payments, so you really should assess that you can afford the vehicle without pushing yourself into any financial hardship or difficulty. But if your problem has always been linked to the nature of your work, or from very old debts that are making your credit score an issue, Moneybarn may well be the answer to your prayers.