FCE (Ford) Car Credit

not_tonight_josephine_2

Hi there, does anyone know which credit reference agency the ford financing arm (FCE bank) uses? Am thinking of applying for new car finance through them but want to find out if they will look at my experian rating (excellent) or my equidax one (average).

Thanks

Rafter

Don't just look at your rating - FCE must consider a) whether you can afford to make payments b) how much deposit you might put down c) how much the car might be worth compared to the loan at various points.

It is often easier to get car credit than other unsecured credit because of point c and the ability of the car financing company to take the care away and sell it.

All you can do is apply and make sure in your own mind the car is affordable and you wouldn't be better of with more modest wheels. If you think your Equifax rating is a mistake make sure you get any errors on it changed.

R.

not_tonight_josephine_2

Thanks for the advice Rafter. Unfortunately my Equifax report isn't incorrect - it's just that one of my credit cards reports to Equifax and not Experian and that's the one I stupidly paid late a few times. Have just checked my Equifax credit score and they actually calculate it as "good", I'm just worried that in the current climate only "excellent" customers can borrow!

I can definitely afford the car, my earnings are around £60k a year (although as director of my own ltd company I pay myself a fairly small salary for tax purposes, the rest of the money is paid as dividends or kept in the company, not sure if that would be an issue for a car finance application?). I don't have any other outstanding debts so the monthly repayments wouldn't be a problem.