Next Car - PCP

FunkyDCZ

Hello, 
I hope that you can help, 
So I currently have a PCP with PSA Finance that runs out in 8 months or so. I’ve started looking into what I want next and had an appointment at the Audi Dealership to see about getting an A3. The guy valued my car and I gave him my settlement figure to see if I have equity. It turns out I do have some but my worry is that I’ll be rejected if I apply for finance on it. I currently pay £228 a month but my circumstances have changed in the last year or so and I want to pay max £350 as I got a promotion and could easily afford it. Experian - who I believe VW/Audi Finance use - says my Credit Score is 922. I have had no missed payments with PSA in the last 6 months, however there was a few before that due to my pay date changing so much. 

I know the lender doesn’t see the credit score but I just wondered if anyone has had similar experiences. 

FunkyDCZ

The other credit agencies - one doesn’t have updated info from PSA and the other is slightly less that Experian for some reason 

Scrapit

FunkyDCZ said:

The other credit agencies - one doesn’t have updated info from PSA and the other is slightly less that Experian for some reason 

Don't think experian is any more right or wrong than the "other" one. And don't think the lender doesn't have their own rating for you.

Mercdriver

What you see is not the score lenders see.  They have other tools as well as the actual credit scoring set by the finance house.  Your standing may be higher or lower than what the consumer level of experian is showing you which is designed to enable them to act as referral for loans etc which they will get commission from.  Look at the consumer scores as a rough guide only.

The_Rainmaker

OP be very careful here from what you say you can't afford a new Audi evidenced by missed payments 6+ months ago we are about to enter a period of huge economic instability that is only being kept at bay by the furlough scheme.  Millions will be unemployed over the next year, time to get your wet weather gear on batten down the hatches and try to ride this storm out.

This not what you want to hear I know but use your head and not your heart.

MinuteNoodles

If you had missed payments in the past year you can't afford the car. Someone with solid finances not running their bank account hand to mouth wouldn't have missed the payments no matter what happened with paydays changing. You missed those payments because you had so little money in your account.

If you have been furloughed during the CV-19 crisis unless you're someone like a teacher you can't rely on having any job security for the next few years. For those furloughed either their job or their employer's products or services are something that society can manage to do without should the financial belt need tightening.

KimJongUn88

I’m surprised you’ve got equity in the car as well.

Penelopa.Pitstop

If you won't apply for finance, you will never know if you are accepted or rejected.

alan_d

I've got a controversial idea... rather than 'buy' (rent) a car that you clearly can't afford, on finance that you've already demonstrated that you cannot manage, how about you buy an older car outright, for a few grand, and have zero ongoing payments to make, and zero commitments for 3-4 years into the future?
Even if you used a loan over a year to do this, you'd be in a much better position, than on the never-never conveyor belt you're currently on, paying £2736/year for something you'll never own.

bargainhunter888

alan_d said:

I've got a controversial idea... rather than 'buy' (rent) a car that you clearly can't afford, on finance that you've already demonstrated that you cannot manage, how about you buy an older car outright, for a few grand, and have zero ongoing payments to make, and zero commitments for 3-4 years into the future?
Even if you used a loan over a year to do this, you'd be in a much better position, than on the never-never conveyor belt you're currently on, paying £2736/year for something you'll never own.

why do you pay a mortgage instead of buying a house you can afford outright
i bet you have a credit card too lol.
don't post such stupid comments

peter12345678910

I think the above comment is a little harsh, as we are on a money saving forum.