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PCP finance plans and adverse bad credit history

Is it possible to get a brand new car on a pcp even as a discharged bankrupt of 15months. I have a pretty poor credit history.

Posted by Robin Long on 23/09/2011 @ 15:41

Hi Robin, getting a PCP for a brand new car maybe tricky with your credit history. What car do you want, what's your monthly budget & how much deposit do you have. We do have one lender that may be able to help you get a PCP with a bad credit history. Is your current credit up to date and clean? Kind Regards, Edwin

Posted by Edwin Miles on 23/09/2011 @ 16:06

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Hi Edwin Yes my current history is up to date and clean and slowly improving. The car i had been looking at was a mini clubman cooper s. I have a £1000 deposit and can do monthly payments of £400 to £450 per month. I am willing to look at the used market if necessary but would then like to put less or nil deposit down.

Posted by Robin Long on 23/09/2011 @ 16:39

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Hi Robin, thanks for the response. The good news is that you're currently up to date. The only thing to do now is make an application on the site and we'll see if we can get you approved for PCP car finance with adverse credit. Kind Regards, Edwin

Posted by Edwin Miles on 23/09/2011 @ 17:29

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my car is neary up of its pcp contract.and has been well looked after and made a bit of profit if was to sell privately what advice could you give?

Posted by Phillip on 29/12/2011 @ 13:05

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Hi Phillip, i'd advise to get your car up for sale as soon as possible as it may take a while to sell. You don't want to be in a position whereby you have no buyer for your car and the finance company are chasing you for the settlement figure. If you do sell the car privately i'd get the buyer to clear the finance settlement directly with your finance company so that the case is closed from their point of view and i'd then get the difference (profit) transferred to you. If you don't get a private buyer relatively quickly i'd part exchange the vehicle at a main dealer for the best price you can get and obviously get yourself into a new car.

Posted by Edwin Miles on 29/12/2011 @ 13:10

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hi edwin thank you for that. will the finance company refinance the car again or not and is it possible to have 2 cars on finance if my credit rating is good to excellent

Posted by Phillip on 30/12/2011 @ 09:57

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Hi Phillip, i don't see why not. As long as you've kept your payments up to date with them they should re-finance the amount remaining.

Posted by Edwin Miles on 30/12/2011 @ 11:17

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Hi, i'm looking to get a PCP on a £47,000 car with me placing a £15K deposit down. My scores are different with Experian and Equifax? They are both classed as fair - My Experian credit score is 869 and equifax is 417. What's the chance of me getting accepted? I'm currently self employed and can prove my income. Is my credit score good enough to get approved for this amount? I have no missed payments on my file and all accounts are in green and i have no large balances. Thanks, Dan

Posted by Dan on 27/03/2012 @ 10:22

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Hi Dan, as you have such a large deposit and you say you have good credit there's no reason as to why we can't help you. Please make an application for your PCP car finance and we'll be in touch asap. Regards, Edwin

Posted by Edwin Miles on 27/03/2012 @ 10:26

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Hi, I am wanting to organise a car on a pcp for my daughter who is 18 but, i have a poor credit history. I orginally went through a debt company to pay off my bills but ended up being messed around so took the problems into my own hands and am now paying them off direct and have been regularly paying for some time. I am worried about applying for a pcp only to be knocked back and then affecting my credit history. Please can you advise further of my choices. I have been looking at toyota or citroen c1?

Posted by Lisa on 11/04/2012 @ 10:28

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Hi Lisa, thank you for your question. The likelihood of getting a PCP with bad credit is very low to be honest. You won't get approved by main dealers for a new car in your situation. We do have bad credit finance lenders who could help but the maximum you'll be allowed to borrow is circa £6000. Would you have a deposit or part exchange to place into the deal? Kind Regards, Edwin

Posted by Edwin Miles on 11/04/2012 @ 10:31

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