Rejecting Car Finance

Hemmaty

I have just come across a problem with my car buying process.

I recently expressed interest in a vehicle at a car dealership. I asked to pay by finance to help build a credit rating. To secure the car the dealership insisted they should apply for the finance and that I pay a deposit. I was told I could leave the deal at any time and get my deposit back. I was made to be felt comfortable in the respect of leaving the deal at this stage.
(I told them I was unsure about buying it on the spot as I wanted someone else to look over the deal with me - They said that was ok!)

I was accepted by the credit check which was with Santander.

I have now found another vehicle, within the same company (at a different site) that I am interested in purchasing.

I asked the first dealer if I wanted take my deposit back would it be ok?

They said yes however it would do damage to my credit rating to reject it.

could anybody please tell me if I would do damage to my credit score by buying another car? Do I have a case with the fact that I made it clear a good credit score was my aim and this potential damage to my score was never mentioned. I do not want to damage my credit rating at any point.

I made clear the fact that this was my first ever credit assessment and I was aiming for a good credit rating.

Thank you!!

colino

Someone is trying too hard to get their bonus. You haven't rejected anything unless you have signed the credit agreement and backed out of it. It is just a proposal up to this point.
It is true that constant credit checking makes potential creditors wary (and your score go down) as, being suspicious of nature, they think there is a problem that is not being recorded. You'd have to do an awful lot of them, in a short space of time though for it to make a substantial difference.
On another tack, do a lot more homework on what you need in a car, the spec. you want and the price you want to pay before filling in paperwork. Some dealers insist on paperwork or deposits before they deal. If they do, walk out. There are plenty of other good cars and traders around to attract your money, not the hyper-trained finance salesmen to worry about.

Hemmaty

colino wrote: »

Someone is trying too hard to get their bonus. You haven't rejected anything unless you have signed the credit agreement and backed out of it. It is just a proposal up to this point.
It is true that constant credit checking makes potential creditors wary (and your score go down) as, being suspicious of nature, they think there is a problem that is not being recorded. You'd have to do an awful lot of them, in a short space of time though for it to make a substantial difference.
On another tack, do a lot more homework on what you need in a car, the spec. you want and the price you want to pay before filling in paperwork. Some dealers insist on paperwork or deposits before they deal. If they do, walk out. There are plenty of other good cars and traders around to attract your money, not the hyper-trained finance salesmen to worry about.

Many thanks! I thought it was a bit of Sales talk but it had me worried. Thank you for your advice.

I've read that credit shopping or constant credit checking could potentially damage ratings. I just hope this is my only experience like this.

Really appreciate the words of advice thanks again! I just didn't like the fact that the salesman didn't inform me of this when I told him I would quite possibly invest in a different car. However I will be more cautious next time I put down money on a vehicle.