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Topic starter
06/04/2015 11:12 am
Hi everyone, I'm looking for advice if anyone can help?
I finished my TD in March and am due to return to work after maternity leave soon. I have decided to take the Car Allowance from my work rather than getting another company car.
Having spoken to the car dealer, they use Experian for their credit check. My rating with Experian was "Fair" with a score of around 780 (can't remember the exact figure). One, of the negatives was that I wasn't on the electoral roll which I've rectified now. Over the last 3 years I've never defaulted on my mortgage payment, catalogue account and have recently got a new credit card which I've always kept up payments to. Experian also doesn't have any record of my being in a TD but does show defaults for a bank account. So my first question is - does anyone know the chances of me being accepted for finance given this information?
If I'm not accepted, my dad has agreed to take out the finance for me. However, in 3 years we are looking to get a bigger mortgage so would it look more favourable to a mortgage broker if I can get the finance and show 3 years payment history or would finance be viewed as a black mark given my history? In which case I would just get the finance in my dads name.
Well done if you got to the end and understood my ramblings! Any advice would be gratefully received.
Topic starter
06/04/2015 11:39 am
Sorry, credit score was 834 out of 999, just found my old report! I would imagine that has improved due to being on the electoral roll now?
06/04/2015 12:12 pm
Hi FinishedMarch15.
Sadly, we've really no idea I'm afraid. Every lender will have their own acceptance criteria based on the type of customer they believe will be profitable.
Good use of credit might be helpful for a mortgage application, but an extra commitment would count against you in an affordability calculation.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
06/04/2015 3:17 pm
Thanks TDA. Although I would have an extra commitment I think (I hope!) it would still work in my favour as by taking the company car option I would have over £300 a month less than if I take car finance.
Can only try it and see I suppose!
07/04/2015 9:30 am
Hi FinishedMarch15,
Well done on successfully completing your Trust Deed!
I think It's something that that you are just going to have to apply for and see what happens. Car salesman make their money/commission via sales and they will do whatever they can to secure finance for you. It might not be at the best rate that they can offer but they may be able to secure it for you. We have heard success stories in the past when it comes to car finance. If you were rejected I'm not sure this would show up as a black mark, I think it would just leave foot print on your credit report showing that a credit search was carried out. Numerous credit searches from what I understand can impact on your credit rating.
Like TDA has advised lenders will have their own criteria when it comes to applying for a mortgage and when calculating your affordability. I'm not an expert on credit ratings but I would assume that if you can demonstrate borrowing and repayment against over committing and can demonstrate affordability you should be on the right track. A large deposit will also help.
If you do apply for finance let us know how you get on.
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