car financing

princessbee_2

Hi

i went to car people on sunday to see if i could get a car on finance. I went though everything with them paid a deposit of £200 plus my car as part ex which was £1900. I have picked the car i would like which is a alfa romeo mito, got a time to pick up for tomorrow. Only thing is they do credit checks and said someone will be intouch before i pick the car up to see if i passed the credit checks. they said it goes on your credit score and never asked my income info. I have a credit score of 798 which is fair. I am a worrier and was wondering if anyone has any advice on this do you think the credit check will come back ok. I am on time and dont miss payments on credit cards and like i say i have a fair credit score. Based on this info do you think it will all come back fine? Its now tuesday and i am booked in to pick the car up tomorrow. There cutting it fine getting back to me if i do fail there credit checks.

My partner said that a pop up came up on the screen while they where taking my info which said low risk

Hope this helps for some advice

Thanks

Marie x

[Deleted User]

It'll be fine. As long as you haven't defaulted recently, car finance is pretty easy to get as it's secured against an easily recoverable asset.

BugsyBrowne

Car financing is only easy if you've got a good a credit rating 'in no way can you walk into a car dealership with a history of bad debt and get accepted.

We use well not me personally but my brother in laws car sales use close finance and seen many people walk away disappointed after being turned down.

CLAPTON

depends upon what your credit files actually say rather than a meaningless credit 'score'

princessbee_2

Thanks for the responce so far. I do panic lol. In the past 10 years i have had two cars on finance but both of them i had to have a guarentor which was my mother. My last car on finance was 6 years ago and my score has gone up since then. Like i said i asked if they needed income info as we have £5000 going in per month with £3000 left to play with at the end of the month so based on this i didnt think there would be a problem. He said that it all depends on the score and that thats what they go by.

They had a lady in before me who was a house wife of 22 years moved 5 times in a year and got passed because of the credit score

BugsyBrowne

princessbee wrote: »

Thanks for the responce so far. I do panic lol. In the past 10 years i have had two cars on finance but both of them i had to have a guarentor which was my mother. My last car on finance was 6 years ago and my score has gone up since then. Like i said i asked if they needed income info as we have £5000 going in per month with £3000 left to play with at the end of the month so based on this i didnt think there would be a problem. He said that it all depends on the score and that thats what they go by.

They had a lady in before me who was a house wife of 22 years moved 5 times in a year and got passed because of the credit score

Your score you received from experian is no indication to wether you'll be accepted for finance so please take no notice of this as lenders do their own scoring and they don't give a toss what credit expert scored you.

princessbee_2

What kind of scoring do they do it on then if not the experian one? Really appriciate your advice

BugsyBrowne

princessbee wrote: »

What kind of scoring do they do it on then if not the experian one? Really appriciate your advice

They would take more in like the main thing which is how much your salary is for staters against other credit commitments where as credit expert when they score you don't.
If credit expert score you excellent with 999 it wouldn't mean a thing.

princessbee_2

Okie dokie thank you just dont get how they will do this when they havent even asked me how much income i get. x

BugsyBrowne

princessbee wrote: »

Okie dokie thank you just dont get how they will do this when they havent even asked me how much income i get. x

You serious? Sounds dodgy to me.

How will they know you can afford to repay the finance then without knowing your income?

jumperjohn

I leased a new car, the dealer or finance people didn't need to know my salary either. Nothing dodgy,quite normal.