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  • FIRST POST
    • Motherfluffa
    • By Motherfluffa 7th Mar 18, 4:43 PM
    • 3Posts
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    Motherfluffa
    Bmw finance question
    • #1
    • 7th Mar 18, 4:43 PM
    Bmw finance question 7th Mar 18 at 4:43 PM
    Hi there, I've ordered a new bmw which is coming within 4 weeks on pcp, I'm concerned about if I'll be accepted or not since I've been off work for 4 months after a car crash and my credit cards have taken a fair pounding to make up for lost earnings. I have a decent salary over £40k and I have zero missed payments or defaults etc but my score has gone low because of my credit card usage do you think this will make them reject my finance?
Page 1
    • iolanthe07
    • By iolanthe07 7th Mar 18, 4:53 PM
    • 5,011 Posts
    • 4,706 Thanks
    iolanthe07
    • #2
    • 7th Mar 18, 4:53 PM
    • #2
    • 7th Mar 18, 4:53 PM
    The lender will not care about your credit score, since it is a meaningless number they will not see. What matters is your credit history, and if that is clear you should be OK.
    I used to think that good grammar is important, but now I know that good wine is importanter.
    • Motherfluffa
    • By Motherfluffa 7th Mar 18, 5:01 PM
    • 3 Posts
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    Motherfluffa
    • #3
    • 7th Mar 18, 5:01 PM
    • #3
    • 7th Mar 18, 5:01 PM
    So you mean if I have any late or missed payments going over limit etc?
    • iolanthe07
    • By iolanthe07 7th Mar 18, 5:10 PM
    • 5,011 Posts
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    iolanthe07
    • #4
    • 7th Mar 18, 5:10 PM
    • #4
    • 7th Mar 18, 5:10 PM
    So you mean if I have any late or missed payments going over limit etc?
    Originally posted by Motherfluffa

    Yes; that's the sort of thing they will look at; how you've handled credit in the past. Your credit score is determined by firms like Noddle etc. who do not lend money. AFAIK potential lenders cannot see your score, only your history.
    I used to think that good grammar is important, but now I know that good wine is importanter.
    • Motherfluffa
    • By Motherfluffa 7th Mar 18, 5:18 PM
    • 3 Posts
    • 0 Thanks
    Motherfluffa
    • #5
    • 7th Mar 18, 5:18 PM
    • #5
    • 7th Mar 18, 5:18 PM
    Thank you so much for clarifying that my credit history is 100% on time no missed payments and never over limit, massive relief thanks again.
    • Edi81
    • By Edi81 7th Mar 18, 7:48 PM
    • 450 Posts
    • 311 Thanks
    Edi81
    • #6
    • 7th Mar 18, 7:48 PM
    • #6
    • 7th Mar 18, 7:48 PM
    However they may look at your credit card utilisation - outstanding balance to total limits.
    • camelot1971
    • By camelot1971 9th Mar 18, 5:36 PM
    • 711 Posts
    • 1,102 Thanks
    camelot1971
    • #7
    • 9th Mar 18, 5:36 PM
    • #7
    • 9th Mar 18, 5:36 PM
    Hi there, I've ordered a new bmw which is coming within 4 weeks on pcp, I'm concerned about if I'll be accepted or not since I've been off work for 4 months after a car crash and my credit cards have taken a fair pounding to make up for lost earnings. I have a decent salary over £40k and I have zero missed payments or defaults etc but my score has gone low because of my credit card usage do you think this will make them reject my finance?
    Originally posted by Motherfluffa
    Did you not make a finance application at the time of order? Ever car I have bought new on finance has been done that way.
    • Westminster
    • By Westminster 10th Mar 18, 6:23 AM
    • 844 Posts
    • 516 Thanks
    Westminster
    • #8
    • 10th Mar 18, 6:23 AM
    • #8
    • 10th Mar 18, 6:23 AM
    Did you not make a finance application at the time of order? Ever car I have bought new on finance has been done that way.
    Originally posted by camelot1971
    When I purchased my new BMW on their PCP in Jan, there was no ‘live’ credit application but just a simple paper form.

    So no chance for the computer to say no at that stage.

    However you have paid a deposit and the finance is secured on the car which can be removed from you so the risk to the lender is lower which is why car finance is ‘easier’ to get than free-standing finance.
    Hi. Martin has asked me to tell you I'm a Board Guide on the following boards: Mortgages & Endowments, Mortgage-Free Wannabe, House Buying, Renting & Selling, Small Biz & Charities' MoneySaving and Charities.

    I'm a volunteer to help the boards run smoothly, and I can move and merge posts on there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
    • camelot1971
    • By camelot1971 10th Mar 18, 2:02 PM
    • 711 Posts
    • 1,102 Thanks
    camelot1971
    • #9
    • 10th Mar 18, 2:02 PM
    • #9
    • 10th Mar 18, 2:02 PM
    When I purchased my new BMW on their PCP in Jan, there was no ‘live’ credit application but just a simple paper form.

    So no chance for the computer to say no at that stage.

    However you have paid a deposit and the finance is secured on the car which can be removed from you so the risk to the lender is lower which is why car finance is ‘easier’ to get than free-standing finance.
    Originally posted by Westminster
    I ordered a BMW 440i back in October and did a live finance application at the same time. In the end I cancelled the order but I knew I had finance in place (for 90 days at least, as that is how long they keep their decision open).
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