Audi finance & Credit scores

CandlemanUK

My first post - please be gentle! ....
I’m considering buying a used Audi on PCP finance. I’ve googled myself in circles, so wondered if anyone can help with a few answers rather than the anecdotal stories I’ve found.
I’d like an idea of what sort of information will be asked of me when applying for their finance and whether they do a hard or soft search on your file. I’ve done my own calculations and know what I can afford, but due to an illness I do have a default registered 3 years ago, but the loan since paid off. As I run my own business, I can manipulate what appears as salary on my personal bank account if they ask to see statements, but I need to get this going a few months in advance of application. Lastly I’m in a position to pay off my mortgage too, but wonder if it’s better for them to see that I have a current mortgage before I clear it?
Lots of variables I know, but any info would be very much appreciated to save any embarrassment in the dealership. Thanks in advance, Pete

[Deleted User]

To start with your score isn’t a factor used in lending so count that out.

PCP/car finance is easier to get than other things as it’s tied to an asset therefore easier to recover than something unsecured like a bank loan or credit card.

Terry_Towelling

Facetious post coming up but if you really want an Audi, you can get yourself an A3 convertible simply by registering with CreditKarma and 'swiping to the right' a couple of times. Your credit score will increase and your beat up old banger will miraculously morph into a new Audi A3 cabriolet (with a mountain bike on the back too).

I believe this trick also works when you want to convert your grubby little squat into a fabulously-furnished, luxury penthouse apartment.

We really should be complaining to the ASA about their adverts!

Pete, could I ask why you don't just take the money intended to clear your mortgage and buy the car? That might work out cheaper in the long run and there'd be no credit searches or embarrassment at the dealer

CandlemanUK

���� Asuming the first two don’t work - I’m kind of hoping to keep renewing my cars for a while after hanging on to my previous 2 in the last twenty years until they collapse. Sort of a trial run into retirement with a proven ongoing cost for maintaining a newish car. I really just want an idea what will be asked - if as the first post suggests there’s no credit score check, they must ask something - bank statements/payslips/p60s? What gets said when you sit at the salesmen’s desk and ”!!!! gets real” as my kids might say!!

[Deleted User]

They don’t check your score.

They check your history, the raw data on your files.

Current commitments, balances, arrears, late payments, defaults and so on.

They do not see or give a monkeys about the made up score and rating.

Terry_Towelling

What Gary Dexter meant was that the numerical credit score you see is only seen by you. No lender will see it or use it in their decision-making. They will look at your credit history though, and that is where the damage might be done.

As Gary also says, your loan will be secured on the vehicle - so they have something to repossess if you default. That might help your cause.

If you are definitely set on a replacement car, why don't you just 'run the gauntlet' and ask them for a finance deal? If they say, 'No' you still have the option of using the cash intended to clear your mortgage.

You must also remember, you would be an 'Audi Driver' - and that's not something to be proud of. I've tried it several times but couldn't stand the shame - or the dreadful inert handling and yards of under-steer that seem to plague Audis.

[Deleted User]

CandlemanUK wrote: »

I can manipulate what appears as salary on my personal bank account if they ask to see statements, but I need to get this going a few months in advance of application.

Yes, committing application fraud is always a good choice.