BMW Finance - How Likely

imatto83

Okay so this is a situation that's probably been on here before. My current car is costing me £500 a month but is through an ex so not on my credit profile. However in the last few months it's continually breaking down so I decided that I'd get a new car that's cheaper to run.

I've spent a few years trying to sort out my credit and now have a score of 640 (Still not great I know). There is £6000 logged on there and all £6000 is over 7 years old.

I recently paid off a CCJ which still hasn't come off.

Anyway long story short I got declined on a BMW 120d, I esxplained that I earn £40k and have sent bank statements to prove this and also a letter proving I've cleared the CCJ. They now told me my application has been referred. The finance on the new car would be £300 per month, what are the chances of me passing? Is there anything else I should be telling them to get my application accepted?

Thanks in advance.

DCFC79

Forget your score of 640 as its not seen by lenders, it could be 999 and still wont help getting credit.

No 1 on here can say what your chances are.

My advice is go for a car that costs less than the £300.

SeduLOUs

No one is going to give you a car on finance with a CCJ on your file. You'll have to wait for it to come off, and keep your file clean in the meantime.

Also, BMWs are not usually on the list of 'cheap to run' cars.

Perhaps you'd be better off buying something cheap (<£1000) to run for now and use the money you'll save to save up for your next car.

imatto83

That's the kicker it shouldn't be there which is why I was hoping that by sending them proof that it's been satisifed it may help.
You'd be surprised with cheap cars. I've been running Sub £1k cars for a few years and on average each one has cost around £500 a month to keep on the road let alone insurance and finance (I travel 100miles a day).
So the BMW works out to be alot cheaper :-s

SeduLOUs

imatto83 wrote: »

That's the kicker it shouldn't be there which is why I was hoping that by sending them proof that it's been satisifed it may help.
You'd be surprised with cheap cars. I've been running Sub £1k cars for a few years and on average each one has cost around £500 a month to keep on the road let alone insurance and finance (I travel 100miles a day).
So the BMW works out to be alot cheaper :-s

Well the CCJ is on there now, so you need to focus your energy on getting it off before applying for finance - failed applications will count against you and make you even more unlikely to get accepted when it does come off.

Re cheap cars it is possible. I bought my current Mondeo for £300 about 3 years ago, and so far have only replaced an exhaust box and a few tyres and it has walked through every MOT without issue.

But anyway, I'm sure you're fully aware that even newer cars aren't guaranteed to be reliable, and when BMWs do go wrong it doesn't tend to be cheap. I would personally never buy a car on finance but you're not me so do whatever is best for you I guess.

chanz4

I had a 6k car from a garage, lasted less than 12 months

Gaz83

Do you have any savings?

imatto83

Yeah I've put £1000 deposit down :-s

Gaz83

imatto83 wrote: »

Yeah I've put £1000 deposit down :-s

How much in savings do you have?

I ask as £40k is a pretty high income - if you don't have any substantial savings there's a big alarm bell right there, as it will look to a lender like you're spending every penny you earn.

Herzlos

chanz4 wrote: »

I had a 6k car from a garage, lasted less than 12 months

I had a 5.5k car from a garage, lasted 7 years before I sold it on to get a new 5.5k car from a garage (I wanted an estate, as far as I know it's still going at 13 y/o), which is still going strong after 18 months (I did need a new starter motor and drop link, but that was less than the £300/month payment combined).

OP - If your credit history is that bad, you really shouldn't be looking at a £300/month contract. I wouldn't spend that much and I make about the same. You can get a new car on a contract for ~£100-150/month that'll do you just as well. But you'd be much better off getting a well looked after 3+ year old repmobile for <£3000.

Stevie_Palimo

You could look for the finance package with the black box installed that basically controls the car should you fail to pay finance, They basically accept anyone so credit ratings and ccj's matter not.


From what I believe if you then fail to pay the months money the car will go onto auto shut down rendering it useless so making payments is really a must.