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Terminating a loan

Supergaz
Supergaz Posts: 2 Newbie
in Loans
I currently have a car loan which i want to terminate, the finance company say there will be a VT added to my credit score, will this effect me getting credit in future?

Comments

  • paddyrg
    paddyrg Posts: 13,543 Forumite
    It will certainly be taken into consideration.
  • Common_Sense_2
    Common_Sense_2 Posts: 415 Forumite
    ay other finance company cannot decline you solely based on teh VT, however, they impose special requirements, like a maximum term of 3 years, or asking you to put in a bigger deposit (these would reduce the chances of you VT'ing in the future)
    We've spent decades teaching people about their rights, but nothing about their responsibilities.
  • Apples2
    Apples2 Posts: 6,442 Forumite
    The company you vt with may not take you on again as they already lost money on you.
    Other companies might he cautious of you.

    It doesn't adversely affect your credit file but just makes a note on it which MIGHT put others off.
This discussion has been closed.
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