Turned down for finance, worth applying again?

thegreatiam

We need to get a new car, have about 2k in cash hoping to get 3-5k in finance.

Found a nice ford focus last week and the dealer made the application for the 4k finance. Put it through the wife's account. found out on Wednesday it was denied.

Going to see the dealer tomorrow to collect our deposit.

Is it worth us reapplying for a smaller amount with a different car? Or going to another dealer with another finance company? or is the no universally firm?

do we have other options? need the car within the next 2 weeks, so increasing the cash deposit won't really be possible.

Atlantic Dawn

Try an alternative source like Credit Union or your Bank.

GavMan

Ask why you were refused.

Then get a copy of your credit history for the ICB. There could be something on there that would explain it. Could even be a simple mistake

thegreatiam

GavMan wrote: »

Ask why you were refused.

Then get a copy of your credit history for the ICB. There could be something on there that would explain it. Could even be a simple mistake

Didn't know they would tell you why it was refused. ill get the info from the dealer.

Is there any harm going to another dealer for finance from a different provider, or will that make it worse?

Drummerboy08

They won't tell you why, you'll need to get an icb report.

If you were declined for a small amount I'd imagine there is something up with your ICB record

ShadowHearth

Ask your bank first. As then you will have cash power to buy your car.
Most likely trader will load up price just because you use their finance too, where with cash from bank, you have a power of paying "cash" for car. Will work out cheaper.

Drummerboy08

ShadowHearth wrote: »

Ask your bank first. As then you will have cash power to buy your car.
Most likely trader will load up price just because you use their finance too, where with cash from bank, you have a power of paying "cash" for car. Will work out cheaper.

No it won't, certainly not in most cases.

visual

how old is the car your buying as some companies won't lend on older cars

TheShow

Ask the dealer why you were refused - they have to give you a valid reason under CPC/CCMA etc.
Most likely something to do with ICB record. if it is ICB, before you go anywhere else you need to get onto the icb and request a report. think it costs €6. that will give a breakdown of all your finance arrangements (that are reported to ICB) and you should be able to see what the issue is then. If it is inaccurate, you can ask the ICB to amend it or remove it from the history. No point in going anywhere else looking for finance until this is sorted as you will hit the same problem every time. Also every time you apply for a loan and the lender does an ICB check, it leaves a footprint on the history and reduces your credit score.

ICB.ie

Del2005

thegreatiam wrote: »

We need to get a new car, have about 2k in cash hoping to get 3-5k in finance.

Found a nice ford focus last week and the dealer made the application for the 4k finance. Put it through the wife's account. found out on Wednesday it was denied.

Going to see the dealer tomorrow to collect our deposit.

Is it worth us reapplying for a smaller amount with a different car? Or going to another dealer with another finance company? or is the no universally firm?

do we have other options? need the car within the next 2 weeks, so increasing the cash deposit won't really be possible.

Don't apply again till you find out why you where rejected. A record is kept of all ICB queries and too many in a short space of time can affect your next application for credit.

thegreatiam

Del2005 wrote: »

Don't apply again till you find out why you where rejected. A record is kept of all ICB queries and too many in a short space of time can affect your next application for credit.

Bit weird, but the car dealer said that the company didn't give a reason.

is there any way I can find out for myself?

I already requested the report from ICB on Wednesday so that should be here next week.

Will likely go to the bank next week. Me and the wife have both been with them for about 3 years, so we should have enough juice for a 3k loan.

Man11

thegreatiam wrote: »

We need to get a new car, have about 2k in cash hoping to get 3-5k in finance.

Found a nice ford focus last week and the dealer made the application for the 4k finance. Put it through the wife's account. found out on Wednesday it was denied.

Going to see the dealer tomorrow to collect our deposit.

Is it worth us reapplying for a smaller amount with a different car? Or going to another dealer with another finance company? or is the no universally firm?

do we have other options? need the car within the next 2 weeks, so increasing the cash deposit won't really be possible.

Same here . Try bluestone finance go to there website and they gave a list of dealers around the country