Volkswagen Finance

TheWanderer77

KingElvis wrote: »

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.

That is my fear, not a lot I can do about it really unfortunately.

KingElvis

TheWanderer77 wrote: »

That is my fear, not a lot I can do about it really unfortunately.

I do the IT at a local Ford dealer so have a little knowledge of how they work, prime customers get Ford Finance, less desirable customers get Black Horse which is still ok.

I do know that a people with fresh (3 years is fairly fresh) defaults would be turned down.

Maybe VW is different? don't forget, they can always repo the car and that counts for something.

TheWanderer77

Do they bother taking in to account salary and affordability, or is it all basically down to credit history?

I think my one hope is that they see I can more than afford the repayments, I've not missed any payments on anything in the last few years, and like you say ultimately they can repo the car if I don't keep up repayments (but this will not happen).

If we were buying 2 cars would they accept a joint application for finance? I might be able to hope I get through on the strength of my other halves credit profile which is near perfect, but then I suppose potentially I would be jeopardising her application.

KingElvis

Yep you would "link" her finances to yours and that will drag her down for certain. A friend of mine had defaults and they seemed to have no effect after five years but at three years, she was treated like dirt.

The car you're after is very expensive so I'd imagine you would need a very good credit history as well as the means to pay. Volkswagen are obviously a prime company too.

I might be wrong but I can't see it happening......but hey, Elvis has been wrong before.

TheWanderer77

The other thing I am hoping might make a difference is putting down £5k as a deposit, but again, it depends how much weight this carries over adverse credit.

chanz4

have vw told you the mk7 golf comes out the end of the year? hence they want rid

ILW

The only way you are going to find out is by applying. You will either get the finance or not.

TheWanderer77

Yeah I'm gonna apply, will let you all know what happens on Saturday!

eschaton

Kind of looking outside the box here but have you ever thought about saving up to buy the car?

Then there is no need to worry about finance acceptance etc..

TheWanderer77

That's the back up plan