what are the chances of getting a car on a PCP?

pheonixrising21

woodbine wrote: »

why people pay silly money for cars is beyond me,it would almost be cheaper to take taxis everywhere

Have you never spent money on something you want rather than need?

ladaowner55

@pheonixrising21 thanks for the helpful post. This is just what I needed to know.

The original car (an Audi A3) was purchased on hire purchased and is needed for job I do 20K business miles per year. At the end of the hire purchase period I owed £7500 (the balloon payment) so took a bank loan to cover the £7500 but after a descent sized garage bill (£700) I worked out it would be cheaper to have a new car without any problems. My issues is I need to pay off the bank loan. I think I will do this with my saving of £7k and then go into BMW and get the new car as I will have no problems with credit then, at which point I am free to sell the Audi to www.webuyanycar.com.

Anyone got any idea how long a paid off loan takes to appear on your credit rating as cleared off?

Curr946

30 days IIRC

TraderJim

Hey, I noticed the other day a service on unbeatable car where you can check your eligibility for finance, it does state it will not impact your credit rating. You could try yourself over at usedcars.unbeatablecar.com

SeanG79

If you are purchasing the car from BMW and BMW are arranging the finance through Alphera (BMW Finance), IF your credit report is clean, you are likely to be approved for the finance. if you do 20k miles a year, make sure this is included in the agreement as the additional mileage penalties are high...

Bravehearted_2

pheonixrising21 wrote: »

Have you never spent money on something you want rather than need?

Yes - in moderation and when you can actually afford it.

No offence meant, but perhaps your line of thinking is why you sig more red than black?

taylor11_2

Buy the car.

If you know that you can afford it then go for it. The likelihood is that you will be accepted as with a PCP car agreement as the car is the lender's security.

So with your flat issue still ongoing and not knowing what the outcome could be, you are looking to buy a £21k brand new car on a £37k salary? I'm sorry but even without the flat issue borrowing that much based on your earnings seems unwise, doing it with the living issue you have at the moment just seems plain crazy!

When i signed up for my PCP agreement with Volkswagen they did not ask me what I earned. Simply how long I had been with my employer etc... I was a student/ part time worker and earned less than the the £19000 I was borrowing from VWFS for my new car.

£37K is a good salary and depending on the OPs outgoings they should have a good level of disposable income.

R_P_W

taylor11 wrote: »

Buy the car.

If you know that you can afford it then go for it. The likelihood is that you will be accepted as with a PCP car agreement as the car is the lender's security.



When i signed up for my PCP agreement with Volkswagen they did not ask me what I earned. Simply how long I had been with my employer etc... I was a student/ part time worker and earned less than the the £19000 I was borrowing from VWFS for my new car.

£37K is a good salary and depending on the OPs outgoings they should have a good level of disposable income.

Great example of responsible borrowing!

[Deleted User]

ladaowner55 wrote: »

if you read that post fully it states i was desperate to get out of the flat because the leasehold company has gone bankrupt and drug dealers have moved into the other flats in the block.

I was not desperate to enter bankruptcy but saw this has my only way out. Since then I have seen a solicitor who has is going to try and sort out the leasehold and the drug dealers.

Not that it is any of your business but my financial situation is very healthy indeed. Never missed a payment had loads of credit. So why bad month me? You don't know me

Why is there always someone who thinks he is the funny man? :rotfl: :rotfl: :rotfl:

who bad "monthed"you?

taylor11_2

R_P_W wrote: »

Great example of responsible borrowing!

I had put down a £5000 deposit for the car that I had saved and have never missed a payment on my car.

A responsible lender, lending to a responsible consumer... I would argue.