Finance and Credit!

cosmickapers

I'm thinking of buying a new car but I am worried that I will get refused for credit as my credit rating is poor! I wanted to find out if anyone else has purchased from Honda on fiance with a poor credit and if they have been accepted? I can definately afford one now but am suffering from bad descions in the past! Ihave gone through my report and added notice of correction etc but I am worried about that 3 digit number and if I will get refused just based on that!

Any ideas?

Thanks!

standupguy

There is no one credit score - every firm uses their own creit scoring procedures.

Using HP means there is more flexibility than a loan as it is secured on the car.

It depends on the variables
Is the bad info recent?
How bad was the bad?
Have you had good profiles since the bad ones - this shows recovery and a willingness to pay?
How much deposit are you putting in - the larger the deposit the easier it is for the underwriter to say yes

Bottom line is dealers want to sell cars and will put pressure on manufacturers finance companies to help them get deals and of course other Finance companies are still chasing the dealers for business

cosmickapers

standupguy wrote: »

There is no one credit score - every firm uses their own creit scoring procedures.

Using HP means there is more flexibility than a loan as it is secured on the car.

It depends on the variables
Is the bad info recent?
How bad was the bad?
Have you had good profiles since the bad ones - this shows recovery and a willingness to pay?
How much deposit are you putting in - the larger the deposit the easier it is for the underwriter to say yes

Bottom line is dealers want to sell cars and will put pressure on manufacturers finance companies to help them get deals and of course other Finance companies are still chasing the dealers for business

The bad info is in a form of a default (with a notice of correction). It is for a value of £62 which has been settled and it was defaulted over a year ago. Since then... no late payments whatsoever... clean accounts... still large amounts of debt (totalling to about 2.5k in credit cards and loans combined). I can afford the monthly payments and was thinking of putting about 2k down as a deposit... (10%)... Do you think this is ok?

standupguy

On that information - yes you should be fine

Go for it!