MINI Financial Services PCP HELP PLEASE

rberryberet

Hi, recently got a quote for a used mini from the main dealer, which includes me putting down £3500 which i have saved. NOW THE BUT...
I went bankrupt two years ago, i am discharged obviously, but my credit score isn't great due to that. I owe no one money, i have a credit card which i got to improve my score and make all the payments on time, this is yet to kick in, i'm told it can take a while.
Am i likely to get approved or do i save myself the embarrassment and not bother? Has anyone got any advice or experience. Thanks

stephane_2

I doubt very much you would be accepted for any kind of finance...

rberryberet

Would having my parents act as a guareentee make a difference?

kepar

You could get a reasonable car for the £3500 and then start saving again.
In 2 years time you will have a load of money and you could use the car as a deposit as well.

watcher27

rberryberet wrote: »

Would having my parents act as a guareentee make a difference?

It should do, I remember having to have my parents as guarantee when I got a new car back in 2001.

I'd suggest the guarantee idea to the dealership first,before they credit check you!

And also, I don't get why everyone on this board comes down like a ton of bricks on someone when they even suggest purchasing something on finance?!
Yes, you could by a nice car outright for the £3.5K, but if you can afford a new one & manage the payments ok, then why not?
Not everyone was made BR due to reckless spending! :think:

alastairq

I don't get why everyone on this board comes down like a ton of bricks on someone

Not everyone!

Sometimes the odd one or two?

Certainly not in the sheer numbers witnessed on other boards...?

Or with the outrageous levels of vehemence?


Of course, if someone has posted something which is patently incorrect...but argues the point...what does one expect?

But, in this case, I think not......

rberryberet

Thanks for all your comments guys.......

I won't go into the details of my BR, but its safe to say that i'm probably in a far better financial situation that some people with 999 credit score, so appreciate the support from a couple of you guys, not everyone has to go BR because of excessive spending. We work hard for everything we have, and its all bought and paid for with our own money, not on credit, and if we can't afford it we don't have it, however having said that, if we can afford it, we have it!!! Why not?

I'm going to ring Mini tomorrow based on the advice i have been given and will post any news on here......

Once again thanks for all the comments (good & bad) and advice...;)

kepar

I won't go into the details of my BR, but its safe to say that i'm probably in a far better financial situation that some people with 999 credit score,

I think you are over estimating yourself.
You have £3500 in cash, cannot get any real credit and have br written across your credit files. Regardless of how and why you went br those are the facts. To claim your credit rating is higher than those with a rating of 999(even though the numbers do not mean a lot) is very naive.
They may let you have the credit with your parents as guarantors, hopefully you will be lucky.

rberryberet

kepar wrote: »

To claim your credit rating is higher than those with a rating of 999(even though the numbers do not mean a lot) is very naive.

I didn't at any point claim my credit rating is higher than those with a rating of 999, because quite clearly IT IS NOT, i claim that i am probably more financially secure that than those with a score that high......

For example someone with a score of 800+ (good score) has £9000 of debt and is struggling to make the payments, constantly overdrawn, compared to me credit score 546 (rubbish score), no debts and has money in my back pocket after bills etc (enough to save £3500 ) in less than 2 years after BR is that not financially secure!??

JUDGE, BOOK, COVER, READ WHATS WRITTEN, TOO QUICK TO CRITICISE #BOOM

kepar

Great you have saved that in 12 months, otherwise you had spare whilst br and probably should have declared it to the OR to get an IPA.

So if you can save so much in such a short time , why not ask your parents to lend you the rest and pay them back as quickly

sort_me_own_yard_out

I think it is good to read something positive in all this. That you budget and save your money. That is the one thing I am looking forward to in the future is being able to have the money to budget.

I completly see your point about the credit score and and being in a secure finacial situation.

well done and good luck hope you get your mini!