BMW on PCP. Will I get approved ?

romeo10

Hello All,

I'm after some advice and guidance whether I may get approved for car finance with BMW. Would be great to hear from those who currently own a BMW on PCP or similar.
History: 2008 after I graduated I went abroad on holiday for a 8 weeks and forgot to pay my store cards (3no). Looking back at this I can't believe at my level of stupidity. As a result I have 3 settled payments. When I returned back to the UK I was bombarded with CCJ letters etc. These were paid outside the 4 week period. According to experian these CCJ's are removed not 6 years from date of CCJ but when the account was closed down from. Unfortunately these were closed in 2010 and 2012. At the time my credit score was 600 circa. The amounts settled were £60, £70, £340.

Late 2011 I was approved for a joint mortgage with my better half and have been paying mortgage on time each month. My credit rating currently stands at 940 and have been in my job for nearly 8 months with £42k salary. I don't have a credit card currently and looking to reduce my overdraft by £500 next month.

The other snag is my better half does not have a UK driving licence and she doesn't have PR which rules out joint PCP car application.

I intend to trade my existing BMW which is £5000 circa and loan out £23K. In terms of monthly payment this doesn't really hurt my bank account.

After reading some of these threads there are some knowledgeable people here and would appreciate your input. Would you recommend pursuing an application with them ? I'm worried if I risk lowering my score by not getting approved for one.

Thanks in advance.

dazla

romeo10 wrote: »

Hello All,

I'm after some advice and guidance whether I may get approved for car finance with BMW. Would be great to hear from those who currently own a BMW on PCP or similar.
History: 2008 after I graduated I went abroad on holiday for a 8 weeks and forgot to pay my store cards (3no). Looking back at this I can't believe at my level of stupidity. As a result I have 3 settled payments. When I returned back to the UK I was bombarded with CCJ letters etc. These were paid outside the 4 week period. According to experian these CCJ's are removed not 6 years from date of CCJ but when the account was closed down from. Unfortunately these were closed in 2010 and 2012. At the time my credit score was 600 circa. The amounts settled were £60, £70, £340.

Late 2011 I was approved for a joint mortgage with my better half and have been paying mortgage on time each month. My credit rating currently stands at 940 and have been in my job for nearly 8 months with £42k salary. I don't have a credit card currently and looking to reduce my overdraft by £500 next month.

The other snag is my better half does not have a UK driving licence and she doesn't have PR which rules out joint PCP car application.

I intend to trade my existing BMW which is £5000 circa and loan out £23K. In terms of monthly payment this doesn't really hurt my bank account.

After reading some of these threads there are some knowledgeable people here and would appreciate your input. Would you recommend pursuing an application with them ? I'm worried if I risk lowering my score by not getting approved for one.

Thanks in advance.

I think its going to be difficult for you tbh..the big dealers require squeaky clean credit histories for pcp's. Also 23 k is a big loan to take out for a car. As you have a good salary, why not hold onto your existing car for a couple more years and save up the money for a new one. Taking out large car loans was what got me into a mess in the first place

Thrugelmir

romeo10 wrote: »

and looking to reduce my overdraft by £500 next month.

My well score against you. If you have a sizable overdraft.

MrSilk

FYI, CCJs are removed from your file six years after the date they where granted.

Take a look at this link:

http://www.trustonline.org.uk/understand-judgments-fines/ccjs-and-county-courts/county-court-judgment-records-how-long-ccjs-stay-on-record

thebritishbloke

I'm a student, I also work and earn ~£20k p.a. I was approved for a £15,000 PCP with Citroen, I was looking at a BMW at the same time and they were convinced I'd be approved. Granted I don't have any CCJ's, but I only had an 18 month credit history, always paid credit cards in full and on time.

I'd say it's worth a shot. At the end of the day, if you're not planning on applying for anything major in the next few months, it's not going to hurt to try.

How big is your overdraft? I have a £1500 overdraft, maxed out for over a year (0% Student, so it's all in savings) and I still got approved.

romeo10

Thrugelmir wrote: »

My well score against you. If you have a sizable overdraft.

Why would it go against me ?

thebritishbloke

romeo10 wrote: »

Why would it go against me ?

Sometimes lenders don't like to see that you have lots of unused credit facilities, as it means you could go out one day, blow it all and be unable to repay them.

I have a £1,500 overdraft, it didn't affect me getting a PCP.

raptor1261

What annoys me about Car HP companies is they don't ask for any wage info or affordability checks when you apply for PCP.:mad:

thebritishbloke

raptor1261 wrote: »

What annoys me about Car HP companies is they don't ask for any wage info or affordability checks when you apply for PCP.:mad:

I noticed this, they asked me what division of industry I work in, and what kind of job it was, and whether it was full/part time. I reckon they just don't care, they want your money and you should really be deciding for yourself if it's affordable.

dazla

thebritishbloke wrote: »

I noticed this, they asked me what division of industry I work in, and what kind of job it was, and whether it was full/part time. I reckon they just don't care, they want your money and you should really be deciding for yourself if it's affordable.

Are they still doing credit checks then ?

thebritishbloke

dazla wrote: »

Are they still doing credit checks then ?

Yes, I'd be extremely surprised if they weren't (they did a search on me). Otherwise they could end up giving bankrupt people loans.