Upset.......

[sam]

Well I don't know if this is the place for this sort of thing. But......


I went for a few test drives of some MK5 GTi's over the past few days but unfortunately I cant seem to pass the credit check in order to fund the purchase. I know the obvious answer is to wait. However I have a fairly good credit score according to Experian. I'm just after any advice really.

Has anyone had much experience in funding cars using PCP or HP? Obviously I do not want to try lots of finance as this will cause problems with my credit profile.

Anyway I keep my fingers crossed that I will be able to purchase my GTi soon.

Cheers

[andrewparker]

Is this the dealers own finance scheme? If so you're far more likely to get better rates elsewhere. Try Tesco loans, their interest rates seem to be the best at the moment.

[Janner_Sy]

if you keep applying it will ruin your credit score.  Also a loan depends on which credit score the some companies use the experien, some use equafax etc

[Andy]

i had this a while ago..turned out i wasn't on the electroll register

[andrewparker]

^ Electoral

Sorry, just had visions of him suddenly wondering why on earth he wasn't on this electroll register!

[sam]

Thanks for the comments.

Andrew this was a VW dealership I believe they were using BMW finance or something. I would rather the PCP deal should I wish to change the car in 3 years or 4 and I prefer the protection should something happen to the car accident or stolen etc. I'm not to keen on the flat HP option.

I'm on the electoral role.

[Gtiain]

I don't know why they would be using BMW finance! I went for vw finance as I received two years free servicing and the rates wernt too bad. Fingers crossed for you fella. 

[sam]

^^ yeah I thought it was a touch strange he said he would try them as it best fits my terms etc. The trouble is now I don't want to apply for any further credit as I don't want to harm my credit rating which I have worked so hard to sort out.

I'm going to need all the luck I can get!

[ub7rm]

I had an issue when I applied for credit a few years ago and it turned out that the format of my address didn't match the official electors roll address; eg.

I give my address as

123A Anywhere Street

And this is what comes up when I put the postcode into any website, but the official electors roll address is

Flat A
123 Anywhere Street

A human would easily see its the same place but to a computer its a different address so I was knocked back.  I asked why I was rejected and when someone did a manual credit check all was fine.

Double check that it isn't something stupid like this holding you back.

[stealthwolf]

As above, check everything's correct.

Make sure your rating is good. I once missed a credit card payment and my rating plummeted. Paid it off (and set up direct debit so it never happens again) and after a few months my score was back to the top.

[Edition30]

The dealership will more than likely own a BMW dealership too and maybe the rates are better?


At my place we have a range of companies. Ive used Black Horse who I found to be really good on the rates and also VW which were not as good.