PCP Finance after T...
 
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PCP Finance after TD

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 Cody
(@cody)
Active Member
Joined: 12 years ago
Posts: 14
Topic starter  

Hi everyone

Just looking for some advice please,

I have finished a 3 year TD successfully and i am currently paying off the equity as agreed - so no discharge until then. My credit rating is currently 999 out of 999 from Experian but my car is on its last legs and was thinking I could comfortably afford a new small car.

My question is does anyone know if I would successfully secure a
finance deal with this PCP finance scheme (which is a sort of a lease deal) Any help would be appreciated.

Cheers


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi Cody.

Ignore the credit score; we've seen repeatedly that Experian's credit ratings for people at the end of trust deeds are massively inflated compared to actual lender willingness to lend.

Will you get the credit? The trust deed may well be an obstacle, but you'll only ever find out for sure by making an application.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@plasticdaft)
Noble Member
Joined: 16 years ago
Posts: 1594
 

Be upfront at the car dealer you choose as they may well have finance companies for those with colourful history credit wise.

Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.


   
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David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

Hi Cody,

Like plasticdaft has advised, best to be up front and honest with the car dealer as they may be able to source you finance for people with a poor credit file.

You may pay a higher rate of interest so this is something which you will need to be mindful of.

If you do apply please let us know how you get on.

David is not currently posting in the Trust-Deed.co.uk forum


   
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