Less strict Car Dealer Finance

spikescot2005

Hi,

Looking at purchasing a new car as it will be cheaper than what i currently pay. Was turned down by Fiat which i believe to be because of two 5 year old defaults.

Current credit payments are all upto date and green and have been for the past 3 years.

Does anyone know which dealer is less strict, ie. ford, kia ect.

Thanks in advance.

DCFC79

spikescot2005 wrote: »

Hi,

Looking at purchasing a new car as it will be cheaper than what i currently pay. Was turned down by Fiat which i believe to be because of two 5 year old defaults.

Current credit payments are all upto date and green and have been for the past 3 years.

Does anyone know which dealer is less strict, ie. ford, kia ect.

Thanks in advance.

It might well be the case that the finance co for each of the car co's use they're own scoring system to determine whether to lend or not.

ChopperST

How many current credit agreements do you have and how much are they in relation to your income?

John1993_2

spikescot2005 wrote: »

Hi,

Looking at purchasing a new car as it will be cheaper than what i currently pay.

It is virtually impossible for it to be cheaper to buy a brand new car (of vaguely similar type to your current car) than to keep your current one, or buy a good three to five year-old one.

Have you some figures that you could post, to check how you've worked out that a new one is cheaper?

forgotmyname

With a loan rejection on the file it wont look as good to the next lender either.

Try to give it another 6 months before applying. Or ideally wait until the defaults drop off also.

Loan size to available income is a big issue. If you want a £10,000 car and you earn £10,000 then your less likely to get a loan.

How much do you save each month? Every month not just when you feel like it.

poppasmurf_bewdley

You were lucky to be turned down for finance by Fiat.

It means you won't be saddled with one of their cars which lose money quicker than this Government spends it.

amun

U were really lucky!!!!

scholesfan88

Try a Blackhorse dealer, or a dealer that is a specialist in finance.

I recently bought a new car, first garage i tried i was declined finance from 'blackhorse' which wasnt true as when i checked my credit file they had actually tried MotoNovo finance.

I went to another local independant garage the day after which claimed they were a finance specialist as a car had caught my eye. I was accepted by Blackhorse on the first go on there lowest interest rate. Apparently it's the way they minipulate the figures put forward to the finance company that make a big difference.

Example is part ex of £5k, £2k discount on the car, car cost £20k. They'll put forward that the deposit is £7k, makes it look like safer lending if someone has a lump upfront.

Brassedoff

Carloans4u in Manchester appear to do a thriving business. Their rates are near normal, but nothing will ever beat dealer finance in the end.