Settling a loan before applying for PCP

gcon45 · 23 April 2018 at 11:21AM

Hi guys.

I am considering taking a new motorcycle on PCP but I have a balance of a current VPL motorcycle loan to settle beforehand.

I am just wondering how long I should wait before applying for PCP after settling the loan?

I don't want to risk being refused the PCP due to the other loan still showing as being active.

My current credit rating is 497 according to Clearscore.

Thanks in advance!

[Deleted User] · 23 April 2018 at 11:27AM

497 is the Clearscore code for no motorbike loans. Ignore it.

The loan should show as updated within a month. But lenders will take a wider view of your indebtedness, income and credit history.

gcon45 · 23 April 2018 at 12:24PM

Thanks for the response.

Is Clearscore generally to be ignored then?

I have just settled the other loan via bank transfer so will leave it until next month before applying again.

[Deleted User] · 23 April 2018 at 12:26PM

All credit scores are to be ignored.

The data on your three credit files is what is important.

gcon45 · 23 April 2018 at 12:35PM

Is there any way we can access those files?

[Deleted User] · 23 April 2018 at 12:36PM

Noddle
Clearscore
MSE Credit Club

Settling a loan before applying for PCP

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