Toyota PCP

JJ40

Hi new to the site, so hope I've posted in the right section.

We're looking at getting a newer family car through Toyota PCP, 2015 plate. My current car is old and not worth a great deal. The car we've seen is priced at £16495.
My credit score isn't great at 431, but I have a disposal income of around £500 a month. We can afford a small deposit of £1000. Monthly payment of around £250 will not be an issue.

My only concern is my Job. I've just TUPE'd over to a new company in the last 2 weeks, I've had continual service for 8+ years. Both myself and my wife have respectful jobs.

I'm not asking for a yes or no answer, just some guidance.

Is my credit score reasonable enough for PCP?

My financial situation hasn't always been great, but is on the up.

Will my change of employer affect my application even though I have 8+ years of continual service?

How easy is it to get PCP through toyota?

Many thanks in advance

Pixie5740

Who has given you a score of 431? Not Toyota Finance in fact not an institution that lends money full stop. How a credit reference agency scores you is irrelevant, no lender can see the score never mind uses it.

It's your credit history that's important along with affordability and past dealings with the lender. You say you have a disposable income of around £500 a month. Does that mean you are currently saving around £500 a month?

Car PCP finance is generally easier to obtain than a personal loan because the finance is secured against the car. However, it does mean paying interest to purchase a depreciating asset.

The TUPE transfer shouldn't be an issue because in terms of your contract you are treated as having your original start date rather than a start date of just two weeks ago.

JJ40

Thanks for the quick reply Pixie5740

My credit score has come from a credit reference agency, so not to do with the finance company.

My past dealings with money hasn't been great, missed payments, not replying to letters. Head in the sand so to speak, but over the past 5 years I've dealt with it all and turned my life around thanks to my wife.

So yes as a couple we're saving more than £500 a month, but £500 is roughly speaking my saving. I appreciate that it'll be a depreciation asset, but it'll give us reliability (I hope), a newer car, better as a family car for us, along with a few other positives. Which in our opinion outdo the negatives.

My main concern was my TUPE, as I wasn't sure if continual service would count.

Many thanks