£200k a year income; PCP declined for £650 pm

jamesd

Ben8282 wrote: »

You appear to easily meet the criteria for Lloyds Private Banking accounts.

That's an interesting point, seeking one of the premum accounts like say Santander Select may be a way to more rapidly get access to facilities. Santander Select has no higher charges than normal for the 1-2-3 Current Account that can be profitable due to payments for bills paid out of it.

The money going into and perhaps out of the account doesn't have to be salary or dividends, it can be just money being moved between accounts at different banks.

jonesMUFCforever

jamesd wrote: »

That's an interesting point, seeking one of the premum accounts like say Santander Select may be a way to more rapidly get access to facilities. Santander Select has no higher charges than normal for the Select Current Account that can be profitable due to payments for bills paid out of it.

The money going into and perhaps out of the account doesn't have to be salary or dividends, it can be just money being moved between accounts at different banks.

Lloyds require you to keep £10k in account to get account benefits fee free.

jamesd

So maybe Lloyds would be a less good choice. It's not particularly hard for a person with a couple of accounts to systematically shuffle 5k a month into and out of a Santander account to qualify for Select.

Walk_Jan

I have been dealing with a similar issue for the last few months and I know many people out there are having the same issue, so just wanted to share my experience hoping it would help others.
I have applied for PCP with Mercedes-Benz 6 months ago and they were asking for additional address history before they decided to decline my application, I decided to wait another 6 months and apply again, since then my credit score has gone up by around 200 points with Experian and I now have more than 3 years full address history so I was more confident to be approved especially the initial rejection was related to insufficient address history.
So I have applied a few days ago only to be declined again and no reasons were given this time, it was disappointing especially knowing that I have ticked all the boxes.
I was advised not to try other manufacturers since this will only affect my credit profile especially when car companies see recent credit searches by other manufacturers will make me look as a high risk.
Nevertheless, I decided to go for the direct competitor, BMW, in a last attempt, for a bit more expensive car this time, got approved right away!
I!!!8217;m not suggesting that it is easier to get approved with BMW than Mercedes-Benz as others may have an exactly opposite experience, I!!!8217;m convinced that different finance companies may have different criteria and I would advise giving it a try !!!8220;only when you are confident your credit profile is good enough!!!8221; with another manufacturer before exploring other options like third party lenders where you will most likely end up paying higher interest.
Wish all the best finding best deal.

Sncjw

Why are you replying on a post that!!!8217;s 2 years old

Walk_Jan

I think I have explained that clearly in my first two lines of my reply.

marliepanda

With all due respect, your post does not really contribute anything that has not been mentioned in the other (2 year old) responses.