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Application Turndown / FAQs

At Advantage Finance Ltd we receive applications for finance from many motor dealers and other sources throughout the UK. These applications result from a customer enquiry regarding the availability of motor finance to help with the purchase of cars, motorcycles, commercial vehicles or caravans.

In some instances we are unable to approve an application because it fails to meet our acceptance criteria. Where the decision included the results of a credit reference enquiry then we have a statutory duty to inform you of the decision, along with the name, address and telephone number of any Credit Reference Agency that was consulted during the assessment of the application.

Advantage Finance Ltd uses:

  Experian Ltd,
NG2 Business Park,
Nottingham,
NG80 1ZZ

Telephone: 0844 481 8000
  Callcredit,
PO Box 491,
Leeds,
LS3 1WZ

Telephone: 0870 060 1414

Why have I been turned Down?

Lending decisions are usually the result of complex assessments that take both personal details such as age, income and employment, as well as the results of credit reference enquiries with one or more credit reference agencies. Occasionally an application fails to meet the minimum acceptance criteria set by the lender.

Will I be turned down by another lender if I apply to them?

Not necessarily. Every lender uses its own criteria to assess applications. If one lender has rejected you then this does not mean that another lender will reach the same decision.

Do I have a right of appeal against a turndown decision?

Advantage Finance does not operate an appeals process where an application has been declined. However, if it is known that incorrect details have been supplied, or if an error on your credit reference records has now been rectified, you may contact us to discuss the matter further and if appropriate make a further application.

What can I do to improve may chances of being accepted in the future?

If you have a history of missed or late payments, or defaults or county court judgements then it is likely that credit will be difficult to obtain.

However where this is not the case, carry out the following checks:

1. Make sure you are listed on the electoral roll
2. Review your credit profile for accuracy
3. Take steps to manage your profile on an on-going basis using such tools as Credit Expert from Experian. Click here to find out more.

I have been told that too many recent credit searches will damage my credit rating. How do I get your searches removed?

There are a number of myths surrounding the subject of credit searches and that they can cause problems in applying for credit. The reality is that the existence of recent credit searches will very rarely have an effect on an overall lending decision and even then only marginally. Providing you have made a genuine enquiry or application for finance you do not have a right to have the search removed.

Obtain your Experian Credit Expert trial courtesy of Advantage Finance

 
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