Motonovo finance.

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.

Nearlyold

Already answered on your other thread.

You won't know till you apply so no point in being concerned about your "Score".

In any event even if they turn you down you can still carry on with your current car which whilst not "new" presumably still suits you.

sheagallagher12

The car doesn’t suit hence why I’m seeking to Change, I’m just wondering if there would be any factors I should be concerned about is all.

Nearlyold

If it's this week you are hoping to do the deal it's too late to change any factors anyway.

When you go to the dealership DO NOT let them know you are concerned you might not be accepted.

Dealers can set the interest rate to get a larger commission and might take the opportunity to bump it up under the pretext the lender was only prepared to offer you that rate because of your score.

Dealers negotiate base rates with lenders, what the dealer adds on top is where they get their money from, the lowest rate the dealer will ever offer you is what they call a "Deal Saver" rate but obviously want you to agree to a higher rate.

Has the manufacturer got any special finance deals on if its a new car?

sheagallagher12

Hi, In terms of factors that need to be changed I don’t think there is any I’m staying well within my credit limit only used £800 out of £2200 that I have been paying back every month, haven’t missed any payments or had any late DIrect debits etc, and have paid my current finance company on time each month and have paid multiple overpayments, and also the car is 2014 it’s an Audi there interest rates are quite high, just with it being a part exchange I just don’t know how it works I’m just waiting on the car to arrive at the dealership but I may just overthinking I all.