VW Finance

thetallone

Hi, I'm currently looking at getting a new VW Polo on a PCP and I have been wondering what my credit score would have to be to secure the finance agreement.


Unfortunately I've had an issue in my past where I refused to pay a mobile company as they were not providing the service I was paying for, as a result I was told I would have a collection agency come round and ask for the money (I haven't seen them yet and its been over a year since this)


I have looked at my credit score with Experian and its very poor with 7 factors. Would this be an issue with my finance application?

Gaz83

thetallone wrote: »

Hi, I'm currently looking at getting a new VW Polo on a PCP and I have been wondering what my credit score would have to be to secure the finance agreement.


Unfortunately I've had an issue in my past where I refused to pay a mobile company as they were not providing the service I was paying for, as a result I was told I would have a collection agency come round and ask for the money (I haven't seen them yet and its been over a year since this)


I have looked at my credit score with Experian and its very poor with 7 factors. Would this be an issue with my finance application?

Your credit score is meaningless. VW Finance (or whoever finances the deal) won't see it - it's completely fabricated by the credit reference agencies.

What they will see is your credit history. What 7 factors are you referring to? A 'very poor' credit history will mean you're less likely to be accepted for any kind of credit.

thetallone

The factors are what come up on the credit score system

forgotmyname

Missed payments or a default on the phone account wont be a good sign for someone you want to borrow from. Especially as its only a year old and doing the rounds with the debt collection department.

Not had any letters from a debt collection company yet?

You may want to settle that 1st. Its on your record for 6 years. And thats how long they have to chase you and take you to court for payment.

I dont know how they work, But if you owed me money and took finance on a car i would take you to court because it will appear you could afford to pay up.

I had issues but their threats of we will trash your credit file went with a giggle i said can you make it any worse. No? thought not.
Threats of court went down with a excellent save me paying for the bankruptcy.

I had no intention of taking credit ever again so nothing to lose. As you want credit you may need to sort it.

Bmth100

I have a car on finance with them. I wasn't expecting to get it, as I was fresh out of university, with only a £500 limit student credit card in my name, and a previous address history like the monopoly board. However, it went through instantly. That being said, I have never had any defaults.

thetallone

Bmth100 wrote: »

I have a car on finance with them. I wasn't expecting to get it, as I was fresh out of university, with only a £500 limit student credit card in my name, and a previous address history like the monopoly board. However, it went through instantly. That being said, I have never had any defaults.

When did you find out it had been accepted?

SnowTiger

thetallone wrote: »

The factors are what come up on the credit score system

Lenders won't see your score, so it doesn't matter what it is.

The score is created by the credit reference agency, based on the information they have about you. This typically excludes important things such are your employment status and income details. Things a lender will ask for and take in to consideration.

Lenders will see most of the other information you see on your credit report, including those seven negative factors, such as the one about you not paying your mobile phone bill a year ago and the debt still being outstanding.

Foxy-Stoat_3

thetallone wrote: »

I have looked at my credit score with Experian and its very poor with 7 factors. Would this be an issue with my finance application?

YES, good luck.

Bmth100

thetallone wrote: »

When did you find out it had been accepted?

Instantly, in-store

chanz4

if you have defaults, you wont get mainstream finance.

thebritishbloke

You've likely got a default on your file, and they could come chasing after you for the money. Don't ignore it, stop being stubborn and pay it off.

You've ruined your credit for the next 5 years, so don't expect to get accepted for anything mainstream.