Car Loan

SeanG79

wizzywig27 wrote: »

I worry that someone I don't know knows what I spend my money on, knows who I bank with, knows who I pay money too.

I am also worried about a decline and further searches. I've worked hard to get where I am (went from Vanquis with APR of 59% to mainstream and don't wanna screw that up)

The searches have been done, there is nothing you can now do about that. A decline wont have any impact on your credit profile now.

Both Carloan4u and P&C are regulated by both the FCA and covered by the Data Protection Act. They cannot share your data or information with anyone other than for the purposes of this finance application

For Halifax, you might be able to print to PDF which will be fine, or you can take screen grabs, as long as the first page shows your name and account number so they know the account is yours...

Joe_H.

In my experience multiple pulls on your credit don't impact your rating as long as they occur within the same stretch of a week or two so that wouldn't be my concern. My concern would be handing over all of the information requested to (as another poster said) an individual who is not a major bank. If you're worried about handing over your documentation because it may be declined that's something you won't know until your paperwork is processed (and it's out of your control either way). You might include a letter detailing your plan and explaining the statements you submit to improve your candidacy but again - my concern would be with going through a third party and sharing so much personal information.

SeanG79

Tixy wrote: »

If you have been able to get some mainstream credit then are you sure you need to go as far down the subprime scale as this?
Was it just your own bank that declined you? was that for a personal loan? and if so did you look at mainstream car funding through a dealer?

Carloan4u will have tried mainstream car funding because at the end of the day they make more commission through prime funders vs sub-prime...

wizzywig27

They do check Barclays and Santander) both of which I have some form of account with.

They both said no.

Really don't think ford finance or any other mainstream will give me a loan

SeanG79

Ford Finance could potentially approve, manufacturers finance is slightly easier to get approved with than the likes of Barclays/Santander as they are also looking to get their cars on the road. (not to say you will be approved)

wizzywig27

Would a further search damage my file any more lol, doubt it. It's just the thought of someone saying no, it's embarrassing lol

Plus ain't they all pushy salesmen?

Does anyone know who does finance search?

SeanG79

Most times a computer does the initial search and then a manual underwriter may look at the application depending on what comes up in the searches. Sub-prime lenders usually all do manual underwriting at some point in the process.

These underwriters see so many applications that you are really just a number, so nothing to be embarrassed about.

Brokers are salesmen but the underwriters are not.. they are looking after the banks interests.

wizzywig27

Just an update for everyone, I popped into Allen ford today, they offered me £500 for my 54 plate 99k for fiesta as part ex.

Spoke to them about carloan4u he said they're a pain (but he would, wouldn't he). Anyway he said he will see what he can do.

Seen a fiesta titanium for £7,800, 28k on clock, managed to get him down to £7,400.

See what the credit thing comes back as.

Cheers all

wizzywig27

Forgot to add, I also put down a deposit which gets amount of credit down to £6947 ish

SeanG79

Dealers will always talk you out of another brokers finance, as he will earn commission whatever finance he can get approved.

Good luck with whatever option you finally choose.

Just an aside, more and more banks are asking for bank statements to prove affordability, with the new regulatory body emphasising fair treatment of customers, they need to be sure you can afford the finance