How in the hell does Blackhorse Finance work...

Hi Guys,

as the title above says, im perplexed as to how Blackhorse Motorcycle finance works, Ive used them before to purchase my 125, 3 years ago without missing any payments, and settled the amount with no hitches at all.

I now applied for finance of £1400 to purchase a SV1000 at my dealer, but without fail they go "computer says noooo...." and it is really starting to grind my gears as to why they can do this. I know the fact im 21 is a slight set back, but surely if i have used them before without any problems they should be more than happy to accept me for a smaller amout.

Now the rant is over, are there any financial bods on here that could enlighten me as to why they are acting the way they are?

AFAIK it's just more difficult in general to get finance / credit for anything at the moment, and when you do the rates are a lot higher than they were not so long ago.

I'd bet it's not just Black Horse. Try approaching other lenders for the same amount, you might find you get a better rate than Black Horse anyway.

www.moneysavingexpert.com is a great site for all things finance / credit related, loads of useful info on there & it's kept up to date too.

It's based on a lot of things.
One thing at the minute is that the criteria to be lent money has increased. E.g. They want "safer" bets with finance. If you've not been in your job long, don't have a reasonable surplus of income etc they won't be interested. Obviously there are loads of other factors too such as other outstanding credit.

If the 125 was brand new, sometimes the dealers have agreements with the finance companies for more competitive deals which can make these easier to get, because the finance company get a blow back on each bike financed through the new deals. (Hence why they are able to offer 0% on a lot of new bikes)

The only way to be sure, is to phone up and ask why you have been rejected. I wouldn't be surprised if they say you're too high risk, and it isn't that you have become more risky, it's that they are being more careful who they are lending too.

cheers for the replies guys, i can see what you are both saying, im going to try that website and see if i can get a clearer picture, hopefully things can be sorted soon .

I believe black horse need a guarantor to finance anyone under the age of 22. You might find that by putting a relative as one will let you proceed.

Not sure how you got your 125 sorted mind

Originally Posted by brennan

I believe black horse need a guarantor to finance anyone under the age of 22. You might find that by putting a relative as one will let you proceed.

Not sure how you got your 125 sorted mind

Had my first HP bike from blackhorse at 18 with no guarantor.

My current bike is with closemotorfinance and again, they didn't require a guarantor (I'm 21)

I was told by the dealer they couldnt finance me on my own as i was under 22. This was just before chrimbo

[Sir Trev]

Originally Posted by brennan

I was told by the dealer they couldnt finance me on my own as i was under 22. This was just before chrimbo

That could simply be the dealer being over cautious.

One word of warning to you all though - applying and then being rejected is not good for your credit rating. Don't try lots of times as each rejection makes you a "higher risk" in the eyes of some lenders who see "rejected" on your history and don't look to see that it was only because the last lot were being paranoid.

Getting credit right now is not easy, as EssexDave has already outlined. Even people that are a safe bet with an excellent rating are being refused for the smallest reason. If you can avoid it do so for the near future.

[andrewsmith]

Originally Posted by Sir Trev

That could simply be the dealer being over cautious.

One word of warning to you all though - applying and then being rejected is not good for your credit rating. Don't try lots of times as each rejection makes you a "higher risk" in the eyes of some lenders who see "rejected" on your history and don't look to see that it was only because the last lot were being paranoid.

Getting credit right now is not easy, as EssexDave has already outlined. Even people that are a safe bet with an excellent rating are being refused for the smallest reason. If you can avoid it do so for the near future.

I've had that with a dealer wanting a guarantor, was him actually looking out for my best interests. Didn't risk it in the end as it was quite high repayments for me at the time.

I'm very cautious with applying for credit have had it once as it made the deal slightly better. Also have been rejected for about £300, could afford it either way but tick meant it was off me wages and not out me savings.


I agree with Trev and avoid it for a couple of years as your credit rating immediately becomes riskier once you've got HP. Coming from a man who's uncle bought a car outright on his credit card as it was cheaper than a loan and finance (but this was at least 10 year ago) and paid it off quicker and saved about £2k in the process

On a slightly related point, it seems they don't work weekends - even their automated balance services