Loan just after finance

alicemaria

Hi all, I'm new here so I hope this is the right place to post this.
I have just applied and been accepted for car finance (PCP). Everything has gone through and I have signed all the documents, however I don't pick up the car until a week tomorrow.

I need a loan to cover an unexpected amount that has popped up - I will also pay off my credit card with the rest of the loan.

I could do with the money before I pick up the car but I am scared that if I apply for the loan they will take back there offer of the finance?

Is this possible? I don't have the best credit score because I don't have much credit but I have never missed any payments or paid any late.

Could someone please tell me if they can take back the offer for the finance after I have signed all the papers if I take out a loan?

Thank you

glentoran99

I don't imagine they will take back the finance, but I also don't think (without knowing your finances) that you will get another loan so quick after a car finance application

sourcrates

Hi,


How do you suppose the finance company would know you are applying for a loan ?
They wont, unless you ring up and say "Hi, Im alicemaria this is my reference number, and I've just applied for a loan.


How else do you think, they would know ?


Credit searches are recorded on your credit file, but it does not say if credit was granted or not, no record of your finance application will be on your credit report until at least one calendar month has passed, so no, no one will know anything about it.


Saying that, if your credit is bad, you may not get a loan anyway, and to me it sounds like this car loan may not be affordable either if your consolidating other debts.


I would really stop and think before applying for more credit, as consolidation rarely works as a long term solution, often you are better off renegotiating the terms of your existing agreements, so you pay less monthly, than getting more credit, and deeper in debt.

alicemaria

Hi,

Thanks for the reply. I just wasnt sure if they did a further credit check before I took the car away.

So I will be ok to apply? Its only a small amount for 1 year to sort my finances out and I have already been pre approved (soft check)
Thank you for the concern though.

anna_1977

It'll be fine - I highly doubt the car finance will show on your credit report so soon so you should be OK