Car Loan - Bank Declined?

[Niall M]

Hi there, im buying a new car, but my bank has refused to give me a motor loan. They tell me my "credit Rating" had come back bad, no idea why. They are checking into it. Rather than having to use my credit union savings could I go back to the garage and use their finance or will the same bad credit rating come up. Any thoughts.

 

[demoivre]

Was it a term loan you applied for? You might have a better chance with a HP agreement where the finance company would have the car as security - you can do this through the garage. If you do have a bad credit record though you face an up hill battle ! You can get a copy of your credit report from the icb. You mention savings in the credit union - have you tried getting a loan from them?