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Car dealer finance - age old question
Been in current job for 13 months, passed all probation and just signed full time permanent contract. So happy days.
Basic salary £26.5k, climbs to £29k next year (terms of pay increase)
Credit file shows
Electoral roll since oct 12
Tenant at address since 12/11
Luma card paid in full since Feb 13
Orange mobile with sporadic missed payments over last 18 months
Candid collections 0 balance £100 limit
JD Williams £900 limit, £123 outstanding, overpaid minimum since 08/12
1 settled default due to drop off credit file in dec
Not under any illusion that my credit file is great but I'm considering a new car later this summer and I'd like to lease on PCP with Kia finance/Santander consumer finance. Is this likely to be accepted?
Basic salary £26.5k, climbs to £29k next year (terms of pay increase)
Credit file shows
Electoral roll since oct 12
Tenant at address since 12/11
Luma card paid in full since Feb 13
Orange mobile with sporadic missed payments over last 18 months
Candid collections 0 balance £100 limit
JD Williams £900 limit, £123 outstanding, overpaid minimum since 08/12
1 settled default due to drop off credit file in dec
Not under any illusion that my credit file is great but I'm considering a new car later this summer and I'd like to lease on PCP with Kia finance/Santander consumer finance. Is this likely to be accepted?
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Comments
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I personally think Santander will turn you down IMHO but there's a user on this forum called Sean who believes getting car finance is as easy as buying an Ice cream.
I believe there's too much risk and very little history for Santander to take you on but you never know."You know when it's cold outside when you go outside and it's cold"0 -
I personally think Santander will turn you down IMHO but there's a user on this forum called Sean who believes getting car finance is as easy as buying an Ice cream.
I believe there's too much risk and very little history for Santander to take you on but you never know.
Explain this further. As easy as buying an Ice Cream? LOL!
Debt as of Dec 2012: 8900
Debt as of May 2013: 3000
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Leebertine wrote: »Explain this further. As easy as buying an Ice Cream? LOL!
https://forums.moneysavingexpert.com/discussion/4611651
Car finance is easier than normal unsecured finance because of the security but you should always speak to the dealer, see what they can offer. They might have 0% in which case I'd definitely go for that.0 -
Been in current job for 13 months, passed all probation and just signed full time permanent contract. So happy days.
Basic salary £26.5k, climbs to £29k next year (terms of pay increase)
Credit file shows
Electoral roll since oct 12
Tenant at address since 12/11
Luma card paid in full since Feb 13
Orange mobile with sporadic missed payments over last 18 months
Candid collections 0 balance £100 limit
JD Williams £900 limit, £123 outstanding, overpaid minimum since 08/12
1 settled default due to drop off credit file in dec
Not under any illusion that my credit file is great but I'm considering a new car later this summer and I'd like to lease on PCP with Kia finance/Santander consumer finance. Is this likely to be accepted?
Santander Consumer finance (they are very selective with who they approve) will look for 3 years traceability on the electoral roll, the probability of the finance being approved with a default on your credit profile is slim and added to that the late payments over the last 18 months will also most likely result in a decline.I personally think Santander will turn you down IMHO but there's a user on this forum called Sean who believes getting car finance is as easy as buying an Ice cream.
Are you for real? I think you should actually read my other post CAREFULLY, then take a moment, sit back and let it sink in. The post you are referring to, the poster had a CLEAN credit profile and a history of managing credit responsibly.0 -
Santander Consumer finance (they are very selective with who they approve) will look for 3 years traceability on the electoral roll, the probability of the finance being approved with a default on your credit profile is slim and added to that the late payments over the last 18 months will also most likely result in a decline.
Are you for real? I think you should actually read my other post CAREFULLY, then take a moment, sit back and let it sink in. The post you are referring to, the poster had a CLEAN credit profile and a history of managing credit responsibly.
I was recently approved (a year or so ago) by Santander Consumer Finance and I have a default on my file.
I don't think the default matters so much (dependent on what it was for and its value). You can always add a note to your file explaining why the default occurred. Might help if you get manually under-written.Debt as of Dec 2012: 8900
Debt as of May 2013: 30000 -
Leebertine wrote: »I was recently approved (a year or so ago) by Santander Consumer Finance and I have a default on my file.
I don't think the default matters so much (dependent on what it was for and its value). You can always add a note to your file explaining why the default occurred. Might help if you get manually under-written.
You are correct it is dependent on what it was for, its value, how you have conducted credit since the default, any notes that may be linked to the default (if you get referred to an actual underwriter).
I mentioned slim and unlikely as the probability of being accepted by Santander Consumer (SC) as opposed to wont be accepted, without seeing the actual CRA report, its impossible to say with 100% certainty what will and wont be approved.
Working with vehicle finance lenders on a daily basis, SC usually look for stronger credit covenants.0
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