What to do before buying a car on PCP

Geraldthegoat

Ok I'm a couple of months on down the line now and I've managed to complete my repayment of the loan. I did this on the 2nd July which is a month earlier than I thought. On a personal level I'm thrilled that I've managed to pay off £10k in 6 months.

I've signed back up to experian but as they have already give me a free trial I had to pay the monthly fee but I think it was worth it. My loan is still showing but my credit rating is 999 with 7 positives and 0 negatives.

I have visited the dealership and sorted a new car and managed to negotiate over 15% discount which I'm made up on. What has shocked me the most is the actual credit check, there is no affordability checking only that you have a good credit rating. So even though both my loan and card are showing on the report I have been approved for the PCP. Just got to wait until November for delivery now Hopefully my credit card will also be clear by then too.

I will also be cancelling experian too.

chanz4

I had pcp today, they don't even ask income lol

Landofwood

Cornucopia wrote: »

Unless car finance providers have tightened-up significantly, a loan and a credit card debt both in good standing won't be a problem, anyway.

When I completed the paperwork for the PCP on my new car, recently, I put down "Retired" for my occupation rather than go into the complicated nature of my finances. There was no issue with this, not even a query.

Except you might end up blacklisted by the National Hunters for inconsistencies in applications.

Cornucopia

I'm not a great consumer of credit.

jonesMUFCforever

chanz4 wrote: »

I had pcp today, they don't even ask income lol

Same here when I bought a car last year - couldn't believe it!:D

chanz4

not very responsible of them, went through in seconds.

amfan

Geraldthegoat wrote: »

I've signed back up to experian but as they have already give me a free trial I had to pay the monthly fee but I think it was worth it. My loan is still showing but my credit rating is 999 with 7 positives and 0 negatives.

Try Noddle, it's free, and just fine. You don't need to pay Experian

sophiesanderson92

Don't know if it helps but thought I would comment! I have just been approved for PCP direct through BMW Finance. I was unsure if I would pass through the credit check, but I passed! I do not have a perfect credit history (1 settled default account from 4 years ago, 2 late payments 2 years ago), my credit score on Experian is 787 (bang in the 'fair' section), not that I think your score means anything when it comes to financing for PCP. I also found it strange when I applied that they didn't ask anything about my salary so I am unsure how they calculate if you are eligible or not, I presume because it's financing against a car, if you don't pay they simply take it back.