Car Loans ( PCP ) Moving from one to two

in Loans
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Dave46049Dave46049 Forumite
132 Posts
Eighth Anniversary 100 Posts
Hi, I've got a PCP agreement with a garage for a Car, I'm looking to exchange the car for two smaller vehicles, but the overall finance will remain the same.

In terms of credit risk and mortgage applications - am I likely to be looked at any differently by doing this?

The borrowing is the same so I would presume that for affordability there is no change, but I will have one extra credit item on the report?

Thanks in advance for any insights!

Replies

  • Grumpy_chapGrumpy_chap Forumite
    8.6K Posts
    Seventh Anniversary 1,000 Posts Name Dropper Combo Breaker
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    When do you anticipate applying for a mortgage?
    Are you able to wait in changing the vehicle(s) until after the property purchase is complete?  With mortgage applications, assuming the affordability is not an issue, lenders do like to see stable finances.
    What is the reason for the change of vehicle and going from 1 to 2?  If you NEED the change in arrangements for vehicles, then you NEED it and need to carry on, managing the impact on mortgage lending when that point arrives.
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