Cars, finance and credit rating?

tc350

I am wondering: to what extent does a credit rating affect getting finance (PCP) for a car?

I am aware of people getting car finance who are over the limit of their overdraft, but what about credit rating?

A bit of background about me: I am recently graduated, with the usual amount of student debt. I am in permanent employment, and making regular payments to pay off my student overdraft. I have a small credit card (limit £200), which I once missed a couple of monthly payments on. I have signed up to a credit service and am reguarly monitoring my credit rating, which is still not good

I am now in a position to buy (and need) a car, and am able to easily pay the monthly payments on it (and insurance). In a few months time I will be receiving a bonus with which I can pay off all my outstanding overdrafts and credit cards.

I am really worried to apply for finance in case I get turned down - as I know this will have a negative impact on my credit score.

Many thanks in advance!

rodenal

Generally speaking its easier to get than unsecured credit. If your missed paymentd were more than 6 months ago and you have been permanently employed for a year or so I wouldn't worry too much about applying

tc350

Ok Thanks very much!