Car Finance through Dealer whilst on DMP

Wily_coyote

Been on DMP for just over 4 years now and it is going very well. Quite satisfying when the level of debt goes down every month. However, I am now coming to the end to my PCP car lease (4 years) and I would need to enter in another lease agreement to get a new car (I do need a car unfortunately). How stringent are the credit checks carried out by a the finance company through a main dealership? Is there  actually a chance of getting rejected because of DMP? Thanks

[Deleted User]

There's definitely a chance of getting rejected and a very good one with the DMP. They'll carry out the same credit checks as other lenders, although the bar is generally lower due it being secured on a vehicle.

But if you've struggled with debt in the past and are still paying it off, getting more debt isn't the answer. Buy something cheap for cash and keep your debt moving down, rather than up.