BMW FS Declined

meer53

I'd give it a couple of years before applying ! In the meantime, buy a used car for £5k.

MABLE

Lakha123 wrote: »

I recently applied for a PCP on a New BMW list price of around £34k
I had a deposit of 5k with repayment of around £400 per month for 48 months.

However my proposal was declined with no reason given.

I recently took out my first mortgage in January and also took out my first credit card in February with a limit of £500.

All accounts are up to date and paid on time in full.

Credit card utilization is less than 30% and always paid in full when I receive my statement.

Experian score 830 so just over 'Fair'

Bad Points which are listed in Experian

Try to Increase credit limit
2 New accounts within the last 6 months
And the average age of the accounts.

I have never missed any payments and don't have an CCJ'S and affordability is not a problem.

Age 21

How long should i give it before I try and re apply.

It's a bit early for the silly season but honestly are you serious. You could only get a credit limit of £500 on a credit card and recently taken on a mortgage and then you apply for a £34k car. I think you really need to be realistic in your expectations when taken out a PCP and go for something at least with a more releastic price based on the information you have shared on this forum.

As for me we have recently bought a £15k car and I am sure people do not think any of less of me for this and hopefully I am not being judged by the vehicle I drive.

dresdendave

usefulmale wrote: »

Why do you feel the need to pay 34 grand for a car that will spend 8 hours a day parked up at work and another 8 parked in your drive overnight?


Just use the 5 grand to get a reasonable car and put the £400 a month into your savings for 4 years instead. An easy way to make 24 grand.

I was going to make a similar suggestion, 5k on a car and overpay the mortgage by £400 a month. Could end up paying the mortgage several years early, which is the equivalent to a massive pay rise.

MABLE

dresdendave wrote: »

I was going to make a similar suggestion, 5k on a car and overpay the mortgage by £400 a month. Could end up paying the mortgage several years early, which is the equivalent to a massive pay rise.

Yes but when you are 21 you want the world!

k3lvc

£34k @ 21yo ? And with a mortgage ?

Come on - put us out our misery and tell us what you do for a living ?

System

k3lvc wrote: »

£34k @ 21yo ? And with a mortgage ?

Come on - put us out our misery and tell us what you do for a living ?

Truck driver would do it. They'd be on that kind of wage, albeit for a standard 55-60hr week, and where I live they'd have no problem getting a mortgage on a house.

Tallaght

Insurance will cost a fair bit too.

redpete

Tarambor wrote: »

Truck driver would do it. They'd be on that kind of wage, albeit for a standard 55-60hr week, and where I live they'd have no problem getting a mortgage on a house.

They haven't said what their income is, £34k is the price of the car they want to buy, at 21!

redpete

Lakha123 wrote: »

However my proposal was declined with no reason given.

If it were me considering your applicaton (but note I am not a lender) the reasons would be:

-Only 5 months worth of credit history. Not enough time to confirm you can manage a mortgage and credit card.
-Only £500 CC limit so someone else doesn't have confidence in your ability to handle credit.
-No idea what your income is or for how long you have a history of employment to show it is sustainable.
-Why on earth does a 21 yr old think they are entitled to a brand new expensive BMW.

foxy-stoat

I can only see the OP's problem as a good thing for him.

Move along.