Motoring

Motoring

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.

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

Welcome!

It looks like you're new here. Sign in or register to get started.

Comments

  • Posts: 16,324 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
  • Posts: 17 Forumite
    Ninth Anniversary Combo Breaker
    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 then :)
  • 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. :)
This discussion has been closed.
Meet your Ambassadors

Welcome!

It looks like you're new here. Sign in or register to get started.

Categories

  • All Categories
  • 347.2K Banking & Borrowing
  • 251.6K Reduce Debt & Boost Income
  • 451.8K Spending & Discounts
  • 239.5K Work, Benefits & Business
  • 615.4K Mortgages, Homes & Bills
  • 175.1K Life & Family
  • 252.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.