Motonovo finance credit check.

sheagallagher12

Currently with Motonovo finance and have been for the last 7 months, I’m part exchanging my car for a new one this week with the same dealer as I put the car into positive equity by making some over payments over the last 3 months, my credit score hasn’t changed since as it is 375 on clearsore, I am just looking to get some more information on my chances of applying for a new car on finance and trading my current one in. I have never missed a payment with Motonovo or any other payments, I have a laptop with curries also that was £800 that I’m paying every month and I have only used £800 out of a £2200 credit limit will this affect it? I have also made lump sum payments towards the car, it’s just the score that I’m a bit concerned about or if I was to be get denied.

sheagallagher12

On my credit report it also has all green ticks with nothing negative such as defaults, missed payments etc and says I have stayed within my credit limit, used tithe same account and have not missed/had late payments.

[Deleted User]

Your score doesn't play a part in lending decisions, neither does the "helpful" CRA blurb.

Income, current debts, affordability, adverse credit history etc. all play a part.

Car finance is one of the easier types of finance to get as the debt is secured against a physical asset (i.e. the car)

sheagallagher12

Hi thanks for the reply, so would you say there shouldn’t be a problem getting re-accepted?

[Deleted User]

No idea.

It depends on what the finance company looks for in their customer criteria.

You won't know until you apply.

DCFC79

Just apply, is Motonovo the only option ?
Whats the apr like ?

sheagallagher12

It’s just because I have been with them for the last 8 months almost and haven’t had any issue, the APR was 12% I believe I need to check my agreement again, I can’t see any reason why I would get denied but I’m just curious.

[Deleted User]

12% is high for car finance.

Have you not shopped around?
Or checked if your bank can offer it?

sheagallagher12

Hi yes I have checked with Halifax and it wasn't far off what I was being offered in terms of how much I would be paying over the 4 years, I don't want to apply for multiple finance companies as it negatively impact my credit. As I stated I'm just looking to see if there would be anything I should be concerned about as I was accepted before I'm just curious before I re apply this week.

Manonthemove

Sorry this is most proberly too late but just come across your thread!
I unfortunatley made the mistake of getting a vehicle on credit with Motonovo and paid a good deposit, which they had the nerve to charge me interest on it. DO NOT DO IT, find somebody else. I made a complaint and infromed them as to when they could call me due to my work not allowing me to answer a phone during work, too dangerous! They would call me at the wrong times and when I did email them (again due to my work did not give me the chance to call) it would take them some time to reply and then not with the proper answers to my questions. I informed them that I would cancel and still no answer and then when they did it was only to bill me £15 for non-payment.
I hope that you did not take their offer.

[Deleted User]

They didn't charge you interest on your deposit.