Nissan car finance with a credit rating:good

cenglish77

Ok so I've been slowly paying off my credit cards and gone from a fair to good credit score. I have a car which is on lease and comes to an end in November. The finance is in my dad's name and I pay him every month as payments come out from his bank. I would like to upgrade car and wonder would I get car finance through nissan with a credit rating of: Good

iolanthe07

Your credit rating is meaningless, as lenders all have their own criteria. The only way to find out whether you will be accepted is to ask them.

SeanG79

The good/fair you get shown by CRA's means zero...

You don't mention why the finance was in your father's name initially?

No one but Nissan can tell you if you will get finance with Nissan, however if you don't have any defaults on your credit file or any recent late payments (within the last 12 months) and have a deposit (usually 5-10%), you are likely to be approved for finance.

Car manufacturers finance is generally easier to obtain than for instance a personal loan, they have security in the vehicle and are looking to get their cars on the roads...

Ebe_Scrooge

Ask them ?

Your credit score is largely meaningless. All lenders have their own criteria, which is largely comprised of a history showing your ability to manage credit, also the amount you want to borrow as a proportion of your income, along with existing available credit. As a VERY broad rule of thumb, you'll struggle to borrow more than 50% of your income. When assessing credit, they'll look at the amount already available to you. So let's say you want to borrow 5K, and you have credit cards with a combined limit of 10K, they'll judge you on 15K's worth of credit against your income. It doesn't matter what the balance on the cards is - they'll assume a worst case scenario whereby you max out the cards in addition to your new loan.

It's a shame you haven't been paying the existing lease in your own name, that would help your credit history. But ultimately all you can do is ask them and see what they say.

cenglish77

Car was in dad's name as I had poor credit rating three years ago

SeanG79

What caused the poor credit rating, late payments, defaults or CCJ's? Do those issues still show on your credit profile?

CRA's ratings generally only look at the last 12 months, but lenders look at the last 6 years

cenglish77

Was liven in America and came back to uk and wasn't building up a credit history as had no credit card (do now) or contract mobile phone (do now), no defaults or ccj's. Have credit card and pay back monthly no defaults/late payments in last 12 months and longer

SeanG79

Have you been back in the UK for 3 years, with voters roll trace?

If so, provided you pass their affordability checks, you should be fine but the only way you will actually know is to apply.

cenglish77

Yes more then 3 years. Have ford fiesta with only 8000 miles so have a little deposit wit that once finance from that car settled. Thank you for ur advice I will give it a try if refused, work another 6 months to pay of rest of credit card and apply again

thebritishbloke

You shouldn't have a problem getting accepted so long as you're putting in a decent deposit. Only way to find out is to pop in and apply.

Remember that you can haggle on the cash price of the car and then ask to finance it, you're not stuck with the advertised prices.

Lungboy

Keep the Fiesta and save up to get a new car without finance.