PCP Questions

Ollie2016uk

Hi all,

Does anyone know about car finance for individuals with a low income?

I run my own LTD company, pay myself £155 per week and then dividends on top of that. Would I actually get car finance (for a new car) with such a "low" salary?

Don't really want to go to BMW and ask and get rejected because of it.

neilmcl

In my experience with BMWFS they'll just do a credit check as normal, I've not been asked about or had to prove my income. Obviously if you have poor credit they may wish for more information.

Nasqueron

Generally speaking car finance is easier to get because it's against an asset that they can retrieve and then chase you for the difference while re-selling the car if you stop payments. If your credit record is clean then it shouldn't be an issue though depends on price of the car, how much you can afford a month etc. My car (not a BMW) is on PCP, £259 a month for a £24k car with £500 deposit, £4500 up front and £8000 balloon at the end. Obviously for a £40k car the figures would need to be higher.

Do some dummy quotes based on the finance offers they do and see what it will come down to, they might give you it but if you can't afford the payments then not much point taking it out.

ollie2008uk

Thanks, I did have a feeling it would be ridiculously easy to get, BMW make the car BMWFS buy the car! No brainer really!

Yeah I take over 4k plus the "low" salary so affordability wise it's not an issue but I know when we bought the house they didn't care to much for the dividends!

Nevermind we'll see on Friday I guess.

john1002

Let us know how you get on and what sort of questions they ask? About to use BMWFS myself, be nice to know before entering the lions den!

John