Car Loan(PCP)

babyoblong

Hi Guys,


I've got a car on a PCP with 17month left at £209.31 per month. The settlement figure to pay off the car with balloon payment included is around 6800.



I've a reasonable credit rating but can't seem to get a loan based on affordability checks even though the loan would be to clear the PCP.


Any ideas how to combat this?

DCFC79

babyoblong wrote: »

Hi Guys,


I've got a car on a PCP with 17month left at £209.31 per month. The settlement figure to pay off the car with balloon payment included is around 6800.



I've a reasonable credit rating but can't seem to get a loan based on affordability checks even though the loan would be to clear the PCP.


Any ideas how to combat this?

Your score is only seen by you, lenders see your history.


Lenders have no idea you will use the loan to pay the car off.

Terry_Towelling

Would you be prepared to share with us your reasons for wanting to refinance the arrangement?

foxy-stoat

babyoblong wrote: »

I've a reasonable credit rating but can't seem to get a loan based on affordability checks even though the loan would be to clear the PCP.
Any ideas how to combat this?

Earn more money so you do pass affordability checks.

Get copies of your credit report and see if there are any missed payments that you dont know about. Save up for another 6 months and apply again.

TrevUK

I work as a commercial finance broker and i would first and foremost get a copy of the credit reference file from Experian or Equifax and see what they're saying.