DAS (Scotland) & Car finance

Db33 · 25 September 2018 at 2:19PM

I am currently in a DAS. My vehicle is on PCP and the term is up end of Nov. I do not have the £5k required to purchase the vehicle. The monthly payment towards the PCP is not included in the DAS.

Would I be able to get another vehicle on finance at the end of the term for my current vehicle? Anyone ever done so?

I require a vehicle for work.

Thank you.

nearlythere1980 · 26 September 2018 at 4:20PM

there are certain companies who will lease to those with bad credit scores, however it is very difficult and the chances are that you will pay a premium on the interest rate

i was in a trust deed, and had an allowance for a car - i managed to secure the finance, with a letter of approval from my Trustee. however, i ended up choosing against this route purely because the interest rate was so high and was just not worth it in my opinion

can you renegotiate with your PCP lender for the remaining 5k? it may be this is the best way for you to keep a reasonably decent car in terms of year / model etc

ny152 · 26 September 2018 at 4:47PM

In a very similar position myself. Did try to change car using the current finance company and keeping to the same monthly payments but was declined. That was with Volkswagen Finance. Has anyone in a Trust Deed been able to get the final balloon payment refinanced by the current loan provider?

coolcait · 27 September 2018 at 6:08PM

There are really two questions in the OP.

1) Will a company give finance for a car while the OP is in a DAS?

That's difficult to say. However, as a DAS isn't insolvency the OP can truthfully say 'No' if the finance application form asks about insolvency.

2) Can the OP get further credit while in the DAS, without breaking the DAS agreement and having it revoked?

Yes - but you must get permission first. Speak to your money adviser about putting in a variation to allow you to get credit/finance for a new car. Keep yourself right!

DAS (Scotland) & Car finance

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