Car finance - Northridge vs Toyota TFS

Username112233

Hi! Just wondering if anyone has any stories of experiences getting PCP approval via either of the above? I’ve been accepted in faith (anyone know if this final acceptance or some in between stage needing more info from me?) by TFS  £28,995/48months/£0 deposit but have also applied to Northridge on same terms as their illustration showed lower monthly payments. Nervous about whether I might be accepted or refused by Northridge because of a 90 day + defaulted, now fully settled, Scottish power account at my previous address (2 years ago). I’m lucky enough to have c. £2000/m after living expenses are deducted but have only had this job for 4 months. Thank you. 

[Deleted User]

What do you mean by 'accepted in faith'?

PCP is generally easier to get as it's secured on the car. but it'll all come down to the detail of your application and their criteria.

Username112233

Deleted_User said:

What do you mean by 'accepted in faith'?

PCP is generally easier to get as it's secured on the car. but it'll all come down to the detail of your application and their criteria.

I really don’t know what they meant by accepted in faith, I applied online via Toyota but didn’t get a decision on screen or by email so I assumed it was at a stage where I needed to provide more info as TFS don’t even ask for earnings at the initial stage. I was hoping someone here might know. 

Grumpy_chap

Absolute speculation, because I have never heard the term before, but I would guess at "accepted in faith" meaning:
 - lender asked some questions, eg "what is your salary?"
 - prospective borrower answered the questions.
 - the lender will "accept in faith" that the answers were all correct
 - the lender will now verify that the answers were correct by seeking evidence, e.g. payslips.

That would align with a "common English" definition to accept (something) as true without proof or evidence that it is true 

Username112233

Grumpy_chap said:

Absolute speculation, because I have never heard the term before, but I would guess at "accepted in faith" meaning:
 - lender asked some questions, eg "what is your salary?"
 - prospective borrower answered the questions.
 - the lender will "accept in faith" that the answers were all correct
 - the lender will now verify that the answers were correct by seeking evidence, e.g. payslips.

That would align with a "common English" definition to accept (something) as true without proof or evidence that it is true 

Thank you. I realise my original post invited pure speculation! Think my discomfort about not being in the know and worrying is showing.  I wanted to also post the outcome on here when I finally get it either way so that anyone else in my position in future could search and find this, and get a vague inkling of what the experience is like. 

Username112233

Update - it’s a no from Northridge 💔 waiting on TFS

Username112233

Got accepted by TFS in the end, changed my deposit to £500 up from £0. Not sure whether this would’ve affected anything in the end, i.e with or without deposit. I understand the acceptance was in place from before (acceptance in faith) however they needed to resubmit as I went for a used chr in the end vs new and the finance application is done against a particular vehicle rather than a specific amount. I was worried about getting finance via the dealership, especially having gotten 5.9% APR compared with Toyota. There are some other lenders out there who are offering 23%+ in what they describe as sub prime. Apparently I’m not in as bad a position as I feared which is lucky! Hope this info helps other forum members in future. 

Username112233

*correction the 5.9 apr is the Toyota rate I managed to get on the finance offer

Grumpy_chap

Thanks for updating, OP. 

I guess you never found what "accepted in faith" really means, and doubt you are fussed now it is all sorted.

Hope you enjoy the new car.