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Ford pcp help
Hi all
I have a PCP plan with ford credit, which is due to finish in november 2015.
I am wanting to take my car back and collect a new one at the end of the agreement.
My conerne is i passed the credit check 3 years ago for the PCP, i have since been made redundant in 2013 and my credit history has taken a battering.
I have now been working full time from june 2013 to present day.
All payments have been made to this account every month.
Do i have to pass another credit check to do this
As i have until November if i need to put another plan in place now is the time to do it.
I apreciate any help .
sam
I have a PCP plan with ford credit, which is due to finish in november 2015.
I am wanting to take my car back and collect a new one at the end of the agreement.
My conerne is i passed the credit check 3 years ago for the PCP, i have since been made redundant in 2013 and my credit history has taken a battering.
I have now been working full time from june 2013 to present day.
All payments have been made to this account every month.
Do i have to pass another credit check to do this
As i have until November if i need to put another plan in place now is the time to do it.
I apreciate any help .
sam
0
Comments
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Yes, if you go for another car on finance (including PCP) you will probably have to go through credit-scoring again.
It may not be a problem. If your PCP account has always been well managed, then a provider is always likely to take their own experience of you as a big chunk of the approval process.
If you think you may only marginally qualify, look out for an increased interest rate. If this happens, you may want to shop around.
PCPs are a relatively expensive approach overall, because you pay interest on the entire GMFV for the whole period of the finance. So, whilst the payments may be lower than other finance products (because not all the capital is being paid off), the proportion of those payments that is interest is higher.0 -
Thankyou for your help
There are a couple of reasons i want to stay on this route, i dont think i would get a loan for a car or that would be my prefered option.
My brother works for ford so i get a good discount, and number 2 i will not have to pay for the exces miles if have another car of them.
I didnt have to drive to work before i was made redundant as they had a pick up service, now im doing 50miles a day running around and getting to work.
Oh the joys, id best get saving then0 -
As its a secured loan (ie against the car) it's not as strict as some forms of credit.
I was accepted as a self-employed student... twice.0
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