Hello boys1211.

That's excellent news, you must be really pleased?

Thanks for sharing this information that I'm sure will be encouraging to many readers.

Wow that's what I like to hear. I am four months away from my last payment as came here looking for topics on life after TD. Cant believe its almost three years now. If I had known I would have signed up for TD back in 2009 when I was offered the chance. Good luck boys1211 and thanks for sharing this information

That's great, boys1211.

Would be interesting to hear more - ie which finance company is it and what type of agreement?

Hi boys1211,

That's really positive and I'm sure a lot of other forum users will take some reassurance from this.

Like Kevin, I'm also curious to find out who the finance company is and what type of agreement if you don't mind sharing this information.

Enjoy the new car!

Hi we contacted arnold clark as I said, made them fully aware of circumstances re the TD. Manager said they go through several finance companies & usually secure prime rate deals. He said loads of folk come to them looking for car finance,who've been in same situation as us.

Finance is through black horse & according to the guy at arnold clark, this was only the 2nd company they tried! I don't understand what you guys mean by "what type of agreement", but we are paying direct debit for 60 months.

Delighted at the outcome, and would say to anyone thinking about it just ask & be honest. Nothing to be ashamed about & worst that can happen is they say no.

Hi boys1211.

I think Kevin and David are wondering whether the agreement is hire purchase, a lease, or something different...

Hi
After the 60 payments the car is ours

My partner (who has never been in a TD and has great credit scores) is attempting to secure finance from her bank as our car is on its last legs. She's only part-time so if it gets turned down, then hopefully I can go in to the dealership and try myself given what you've said boys1211.

Do any of the experts know if the lending criteria for personal finance from the banks has changed in the same way it has for mortgages, i.e. looking into other expenditure etc?? Obviously, my partner getting a personal loan from her bank would be a better rate than from a finance company.

I'd rather chew my leg off than get a loan for a car but circumstances dictate otherwise - or at least they will when my car finally dies.

Hi upstream
They asked whether my hubby worked, what he did, long had we lived in current home. Also about our bank. Nothing else about incoming or outgoings.

I think every lender would have to be able to demonstrate to their regulator that they're factoring affordability into their lending. It would be hard to claim you were treating your customers fairly if that hadn't happened.

There are perhaps a number of different ways of demonstrating that affordability has been considered before making a lending decision.

Upstream I applied and got approved for a car loan from my bank 1yr after discharge, the apr was much less than a dealership, applied on-line approved same day:-)

If your OH isn't successful (hope she is) I would apply myself.
Good luck

This is really good to know as it's a question which comes up at almost every meeting and also regularly on the forum.

I wonder if there is a change coming in terms of lending. As mentioned in previous posts, there is very little exposure as the cars are normally on HP or PCP deals, so ownership never passes until the final payment is made.

Mark

Well, I decided to apply for a loan online from a high street bank (that I never owed anything to prior to my TD) . Instead of being told yes or no, it went to 'pending' . I visited Arnold Clark and decided there was nothing to lose by asking there too. Today I was offered a loan by the high street bank and also offered finance through Black Horse at Arnold Clark. I went with the finance company as they matched the rate that was getting offered to my other half by her bank! I was only discharged 6 months ago so there certainly is credit after a TD, and sooner than you might think if you need it.

Well done!

Did you explain about your TD?

I find now that I'm happy to be open about it.....and definitely not ashamed

Happy motoring !!