We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
CREDIT HISTORY
Options

s45
Posts: 26 Forumite

Hi,
Does anyone here know - if I purchase a used car on PCP and then pay the whole outstanding amount in the next or following payment due, would that affect my credit history? Not sure of the actual process - do I have to pay a deposit in the first instance and then followed by my full payment? Will appreciate a response asap. Thank you.
Does anyone here know - if I purchase a used car on PCP and then pay the whole outstanding amount in the next or following payment due, would that affect my credit history? Not sure of the actual process - do I have to pay a deposit in the first instance and then followed by my full payment? Will appreciate a response asap. Thank you.
0
Comments
-
The account will show as settled in the relevant month.2
-
Why not just pay in cash if you have the money? 🤔1
-
If it is to get the manufacturer discount etc, don't you just cancel the PCP within 14 days and pay it off? Seems to be what people do in this circumstance.1
-
because this way I get 2 year warranty,service,roadside asstt instead of 11
-
s45 said:400ixl said:If it is to get the manufacturer discount etc, don't you just cancel the PCP within 14 days and pay it off? Seems to be what people do in this circumstance.2
-
Deleted_User said:s45 said:400ixl said:If it is to get the manufacturer discount etc, don't you just cancel the PCP within 14 days and pay it off? Seems to be what people do in this circumstance.0
-
s45 said:Hi,
Does anyone here know - if I purchase a used car on PCP and then pay the whole outstanding amount in the next or following payment due, would that affect my credit history? Not sure of the actual process - do I have to pay a deposit in the first instance and then followed by my full payment? Will appreciate a response asap. Thank you.1 -
If you cancel your PCP agreement within 14 days during cooling off period you are likely to not retain any manufacturers deposit contribution and they have the right to charge daily interest from the first day up until the day you pay in full (max 30 days to settle once cancelled). These charges are ALWAYS outlined in either the SECCI / PCCI or main contractual agreement. It is normally advisable to pay 1st DD then settle.
If this is done fairly often the lender may well log this and decline future finance.
It will show on your history as hard credit search, opened and then settled a month or 2 after, doubt there will be any negative from this.If you believe you can, you will. If you believe you can't, you won't.
Secured/Unsecured loans x 1
Credit Cards x 8 (total limit £55,050)
Creation FS Retail Account x 1
Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
0% Overdraft x 1 (£0 / £250)
Mortgage Outstanding - £137,707.00 (Payment 13/360)
Total Debt = £7,400 (0%APR) @ £100pm - Stoozing1 -
Another quick question.
If the used car we are buying is in my son's name and the HP finance agreement also in my sons name, would it be OK to pay the finance company by a parent (transferring the money from my bank to the finance company)?0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards