More Care Is Needed When Applying For Car Finance – Or Be Declined
Friday, 1. October 2010
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Statistics really get on my wick! Speaking to fleet owners and various lenders it is clear that there is less money to lend and businesses as well as consumers are finding it more difficult to finance vehicles. My own association, the NACFB has said that current lending by members is around £7 billion compared to £20 billion in the mid 2000’s. And yet banks and the lender’s association, the FLA say that they are lending more and that, according to FLA statistics their members are lending 16% more to businesses this year compared to last year. Well, I have to say I don’t actually believe their statistics. Figures are being prepared from information provided by banks and lenders and which of those will admit to lending less? The fact is that if you are looking to borrow money or lease a car you need to prepare properly or risk becoming one of those applicants that gets declined for finance through no fault of their own but because the truth is that there isn’t enough money to lend. Have you experienced problems borrowing money or applying for credit? By Graham Hill
