Ask which information influenced the decision
Ask the lender or broker what explanation it can provide and which credit-reference agency it used, if relevant. Check that your name, address history, employment and income information were entered accurately.
Review your own credit information for errors and follow the agency's correction process where appropriate. Do not change accurate information or overstate income to improve an application.
Review the proposed commitment
Look at the car's price, the amount borrowed and the full running cost, not just the advertised repayment. A less expensive vehicle may be a more practical choice than extending an already stretched budget.
A larger deposit can reduce borrowing, but using emergency savings or taking on separate debt to fund it may worsen your position. A longer term can reduce instalments while increasing the total cost. No adjustment guarantees acceptance.
Avoid a rush of applications
Before another submission, ask whether it involves a soft or hard search and whether the broker intends to approach more than one lender. Obtain an explanation of the process and the relevant consent first.
Different providers have different criteria. A broker should explain the scope of its panel rather than suggest it checks the whole market when it does not. We introduce to a limited panel and do not guarantee approval.
When waiting is the better next step
If existing repayments or essential bills are already difficult to manage, taking on car finance may not be suitable. Consider postponing the purchase and seeking free, impartial debt guidance through MoneyHelper.
You can make a general enquiry with Nationwide Motor Finance without the enquiry form itself conducting a credit search. If you proceed to an application, lender checks and consent requirements will be explained. Finance remains subject to status and affordability.
