We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Thinking Of Applying For Car Finance
WeeJockMcPlop
Posts: 13 Forumite
Hi all
With past financial indiscretions ending up in me taking out a Trust Deed and learning lots of hard lessons, I'm just about in a position to move on. The 6 year anniversary of entering the TD is in a couple of weeks so I picked up my 3 credit reports to find that most of my previous creditors have not accurately kept their files up to date. I wrote to them all with requests to correct them - two have done so and I'm still waiting to hear from the others.
Assuming they all play by the rules those accounts will all disappear before the end of this month too.
All that leaves on my credit report are my current bank accounts (one personal and one joint, no overdraft on either), my mobile phone contract and my mortgage, none of which have ever had arrears or defaults - not even a single late payment. In fact I have been completely well-behaved for the last 6 years as I have learned how to be less impulsive and live within my means.
Would this look attractive to vehicle finance? I'm looking at getting something brand new (more fuel efficient, low or no tax, servicing included deal sensible family car) on a PCP rather than my local 28%APR "we'll sell to anyone" garage. Other than my mortgage I have no debt at all, I have been with my employer for 16 years and my income is more than double my set expenditure. My concern is that it seems that normally people exiting a TD would take out a sub-prime credit card for a while (which I haven't) to rebuild their profile - but I don't know if that advice is aimed at people with no other positives where I have my mortgage and phone contract.
Actually I really wanted to leave replacing my car until around Easter to save up a 50% deposit but I suspect that putting the current tub through its MOT will cost slightly more than its current value (it has become very smoky recently) and on top of that it will be needing wheel bearings, 4 tyres and some suspension work done well before March so I think it's time to bite the bullet. Thinking of applying after pay day in September with a 25% cash deposit.
With past financial indiscretions ending up in me taking out a Trust Deed and learning lots of hard lessons, I'm just about in a position to move on. The 6 year anniversary of entering the TD is in a couple of weeks so I picked up my 3 credit reports to find that most of my previous creditors have not accurately kept their files up to date. I wrote to them all with requests to correct them - two have done so and I'm still waiting to hear from the others.
Assuming they all play by the rules those accounts will all disappear before the end of this month too.
All that leaves on my credit report are my current bank accounts (one personal and one joint, no overdraft on either), my mobile phone contract and my mortgage, none of which have ever had arrears or defaults - not even a single late payment. In fact I have been completely well-behaved for the last 6 years as I have learned how to be less impulsive and live within my means.
Would this look attractive to vehicle finance? I'm looking at getting something brand new (more fuel efficient, low or no tax, servicing included deal sensible family car) on a PCP rather than my local 28%APR "we'll sell to anyone" garage. Other than my mortgage I have no debt at all, I have been with my employer for 16 years and my income is more than double my set expenditure. My concern is that it seems that normally people exiting a TD would take out a sub-prime credit card for a while (which I haven't) to rebuild their profile - but I don't know if that advice is aimed at people with no other positives where I have my mortgage and phone contract.
Actually I really wanted to leave replacing my car until around Easter to save up a 50% deposit but I suspect that putting the current tub through its MOT will cost slightly more than its current value (it has become very smoky recently) and on top of that it will be needing wheel bearings, 4 tyres and some suspension work done well before March so I think it's time to bite the bullet. Thinking of applying after pay day in September with a 25% cash deposit.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards