Cleared Car Finance But Need Another Loan

lpool18

Hi

I've have just sold my car and cleared the outstanding finance in full. I have been lucky enough to have made a profit on the sale so have a bit of money left over. However I will still need to apply for another small loan to purchase my next car. How long will I need to wait to apply for another loan so that the lender can see the previous finance agreement has been cleared? Thank you.

[Deleted User]

They normally update within a month or less on the live report (the free reports might take a month or so to update)

Grumpy_chap

lpool18 said:

Hi

I've have just sold my car and cleared the outstanding finance in full. I have been lucky enough to have made a profit on the sale so have a bit of money left over. However I will still need to apply for another small loan to purchase my next car. How long will I need to wait to apply for another loan so that the lender can see the previous finance agreement has been cleared? Thank you.

What type of lender do you plan to secure the next car finance from?  If it is Dealer finance, they may accept the old finance as cleared based upon a statement / screenshot showing the balance paid down.

lpool18

Deleted_User said:

They normally update within a month or less on the live report (the free reports might take a month or so to update)

Thank you, that's very helpful. Sorry for the late reply. 

lpool18

Grumpy_chap said:

lpool18 said:

Hi

I've have just sold my car and cleared the outstanding finance in full. I have been lucky enough to have made a profit on the sale so have a bit of money left over. However I will still need to apply for another small loan to purchase my next car. How long will I need to wait to apply for another loan so that the lender can see the previous finance agreement has been cleared? Thank you.

What type of lender do you plan to secure the next car finance from?  If it is Dealer finance, they may accept the old finance as cleared based upon a statement / screenshot showing the balance paid down.

Thank you and sorry for the late reply. It will probably be a personal loan. There's no rush so it could well be cleared off on my credit report by the time I need to apply. It was just in case I seen a car before that happened. I suppose I could try dealer finance if it was in the next week or so.