car financing

YorkshireBoy

BugsyBrowne wrote: »

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

They've taken a £200 deposit. If the OP is offered circa 20% APR and declines it they have 2 options:

1. Go elsewhere for finance, or

2. Lose the deposit

They can't lose really.

Have to say though, that why someone with £3K per month to "play with" actually needs finance for a car? I mean, the dearest Mito they appear to have at the moment is under £10K, so that's a 3-4 month wait isn't it?

OP, with financial circumstances (at least with income) such as yours you should be able to get circa 6% APR finance with your bank/mainstream lender. Please come back and tell us what rate Car People have given you.

CLAPTON

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

with 3,000 spare each month one assumes you have saved 36,000 in tha last 12 months; why not use that for the new car?

Mrs_Ryan

If I remember rightly OH didnt get asked his income either, just his employer details.

princessbee_2

Hi all

Thanks for all respose again. We have recently moved into a property 4 bedrooms and have twins too. We have hols booked to maldives and barcelona very shortly so didnt want to falk out for it at once would rather get on finance. The car people asked for my addresses and if i was in full time employment but not how much i earned they did ask for names and addresses of my employement so i dont know if they can find out by that maybe??

I think it was 7.7% they offered it at. The £200 deposit i put down is non refundable if the checks fail but it does state it can be transfered to another car. The car is £10,200 but less with the £1900 i will be putting down. I myself cant believe they didnt ask for more nitty gritty details like i say i took everything with me to prove everything even bank statements and they didnt want any of it.

BugsyBrowne

princessbee wrote: »

Hi all

Thanks for all respose again. We have recently moved into a property 4 bedrooms and have twins too. We have hols booked to maldives and barcelona very shortly so didnt want to falk out for it at once would rather get on finance. The car people asked for my addresses and if i was in full time employment but not how much i earned they did ask for names and addresses of my employement so i dont know if they can find out by that maybe??

I think it was 7.7% they offered it at. The £200 deposit i put down is non refundable if the checks fail but it does state it can be transfered to another car. The car is £10,200 but less with the £1900 i will be putting down. I myself cant believe they didnt ask for more nitty gritty details like i say i took everything with me to prove everything even bank statements and they didnt want any of it.

7.7% is that the flat rate?

Who is the car finance with?

princessbee_2

i have no idea about interest and if its a flat rate or not. the finance i dont know who it will be they use barcleys, santander and black horse

princessbee_2

woo hoo just got the call and i got accepted so happy with black horse. pick up tomoz thasnks so much for your help everyone. xx

BugsyBrowne

princessbee wrote: »

woo hoo just got the call and i got accepted so happy with black horse. pick up tomoz thasnks so much for your help everyone. xx

That was the flat rate they quoted you then which means around 15% APR could be higher as they are quite high for car finance.

Just make sure you read it all first before signing as by the way you've been posting it doesn't look like you know what your signing for.

Gareth19

CLAPTON wrote: »

with 3,000 spare each month one assumes you have saved 36,000 in tha last 12 months; why not use that for the new car?

sorry but I must support this theory. If you have £3000 per MONTH to play with what on earth would you be wanting expensive car finance for? A few months of saving all your money and you can buy the car in cash! Unless I've missed the point that is

m0ns00n

This seems like madness!

At I guess, I'd expect you'll be paying somewhere in the region of £2000 in interest for this finance.

Why would you not just wait 3-4 months and buy in cash, and save yourself this unnecessary waste?