Part time car finance possible.

Dandytf

As I was recently declined for pcp car-+7k approx after 4k trade in.
Is it possible in future to be accepted for car finance at all.
See my sig i am still paying dmp though I'm 50% through my 2nd hpi car since.
Maybe I'm wrong and there could have been another reason for the decline not related to part time earnings?

motorguy

Dandytf wrote: »

As I was recently declined for pcp car-+7k approx after 4k trade in.
Is it possible in future to be accepted for car finance at all.
See my sig i am still paying dmp though I'm 50% through my 2nd hpi car since.
Maybe I'm wrong and there could have been another reason for the decline not related to part time earnings?

If you're paying off your debts through a dmp are you even allowed to take on more finance? I thought one of the stipulations were that you werent?

Irrespective, given you are in the middle of managing a dmp, and have a car worth £4,000 anyway, why do you need to get yourself in to further debt?

debtdebt

It!!!8217;s probably your DMP that!!!8217;s having the most negative impact on your ability to get finance. Just think, you!!!8217;ve had historical debt which you!!!8217;ve defaulted on so financial institutions aren!!!8217;t going to want to risk lending to you again.

Maybe things will improve when you complete the plan.

Dandytf

motorguy wrote: »

If you're paying off your debts through a dmp are you even allowed to take on more finance? I thought one of the stipulations were that you werent?

Irrespective, given you are in the middle of managing a dmp, and have a car worth £4,000 anyway, why do you need to get yourself in to further debt?

I think you've miss understood my reason for asking -as you don't know why I was considering another car-I'll not go into detail though it was in a hurry type decision .
My original car problem is since fixed only last week which I didm't know at the time of considering another car.
I'm since asking with future in mind such as if I run my car for another 28 mths approx.
Could it then be possible to qualify for car finance cinsidering I'm part time permanent when the last 2 cars inlcuding current I was full time.

Dandytf

debtdebt wrote: »

It!!!8217;s probably your DMP that!!!8217;s having the most negative impact on your ability to get finance. Just think, you!!!8217;ve had historical debt which you!!!8217;ve defaulted on so financial institutions aren!!!8217;t going to want to risk lending to you again.

Maybe things will improve when you complete the plan.

I agree though as mentioned I have purchased last 2 cars whilst on dmp -one via Motorbarne finance and current via Blackhorse -both with 0 missed payments

BoGoF

Surprised you got finance before whilst on DMP.....must be a hefty APR?

rajarr

What bogof said, a prime lender wouldn’t consider you with a dmp, black horse should take you again as they are sub prime but you’d pay a higher rate

Dandytf

BoGoF wrote: »

Surprised you got finance before whilst on DMP.....must be a hefty APR?

Yes 1st car was +20 something Apr -maybe 4 or 5
Current car 7 or 8.9 Apr
Only difference is I was full time for both of those cars

Dandytf

rajarr wrote: »

What bogof said, a prime lender wouldn’t consider you with a dmp, black horse should take you again as they are sub prime but you’d pay a higher rate

Blackhorse said no last week my current finance company

Dandytf

Forgot to add think it was Experian or Equifax that got mentioned.
So it is cra related decline.

Dandytf

To add as I subscribe to cra's Checkmyfile file

I've posted this decline question to them, maybe they'll confirm the decline is dmp, or income or current debt related.

Thankfully my own car is only 34k miles, so I'll drive it at least 2 more years anyway.