Volkswagen Finance

TheWanderer77

Hi,

Was wondering if anyone could give me any advice/experience with regards to Volkswagen Finance. Both my partner and I are in the market for a new car and went to VW in Milton Keynes at the weekend, we are hoping we can get a really good deal from them for buying 2 brand new cars and will probably, after test drives, buy the cars next weekend.

My question is around how likely I am to be accepted for finance. I have a near perfect credit score with Experian (only £900 of outstanding credit), never missed a payment on anything in the last 3 years (loan and credit card), and I have a very good salary. However, I do have a default that is about 3 years old but has been paid off in full.

The dealer say they have offered finance to people with missed mortgage payments and all sorts, but I'm fairly sure they will say anything necessary to get me to apply!

As for guarantors, I believe they only offer that facility to younger people who have not had chance to build up a decent credit profile.

Any help/advice/past experiences appreciated.

atilla

Didn't have a problem when i applied for finance on the Van. All went through painlessly.

TheWanderer77

Did you have any adverse credit if you don't mind me asking?

atilla

TheWanderer77 wrote: »

Did you have any adverse credit if you don't mind me asking?

Not that i knew/know of.
However, i had started new business less than 12 months earlier so expected this to raise some concern but all went through easily.

TheWanderer77

OK thanks, on the face of it I am a very low credit risk (good salary, no missed payments etc) but I think the default will come back to haunt me.

xyellowx

i would be more worried the really good deal your getting doesnt become a not so good deal due to finance apr

check what they want to charge you compared to the rate you can get from your bank

TheWanderer77

APR on a new car is 4.9% at present. I went in for a 2nd hand one, maybe 1 or 2 years old, but the rate on those is 12.9%.

Are VW more likely to give me finance as its secured against the car? Whereas with a bank they don't necessarily know what I am spending the money on.

xyellowx

you wont get anywhere near 4.9% from bank be nearer 8-10% i would think, see if any cash back offers aswell ford gave me £500 off the price of the car 18months ago

TheWanderer77

Yeah VW are doing £1,500 off the price of the Golf my other half wants, and £1,000 off the Scirocco I want.

Peelerfart

Are you sure that the 4.9% isn't flat rate finance?

KingElvis

With a default they won't touch you with a catlle prod I would think.

A default makes you "sub-prime" so the dream of the tin can probably won't become a reality.

Sorry.