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Applying for car loan before clearing PCP
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I have done the MSE loan eligibility calculator for a car loan of 15k which says I am guaranteed the rate. I currently have PCP on a car which is about to be returned and the pcp cleared. Will it make any difference if I apply for the loan now? Or should I wait until the PCP is cleared? Even if it gets cleared i will need the loan pretty quick so not sure how long it takes to go update my credit file?
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Comments
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The only difference is that the hard search will see the PCP debt and that can affect your affordability as they just see the open debt. The live search will be updated as soon as the PCP lender marks it as closed but who knows when. Whether you can get the loan regardless is entirely down to the lender and affordability
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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