Help & Advice

Declined Credit For a PCP - Who can help?

Hi, I have just been declined a PCP for a car for the value of £30k.

I was looking for a loan for £26k with a £4k deposit of my own. My credit rating score is 825 with Experian which I believe is classed as moderate risk.

I currently have a PCP with Santander and have £18k outstanding with the value of the car being around £23-24k which i'm trying to sell in order to clear the finance and change for the new vehicle mentioned. I earn £65k a year. Are you able to provide any helpful solutions?

Leigh Dreyer


Answer

Hi Leigh, apologies for the delayed response.

The great news is that you have a large deposit and a fair credit score so i'm confident we can get you approved for a PCP deal even though you have been recently declined.

The rate you receive may well be higher than you have been quoted however, i believe it'll be competitive. The fact that you have a large income also helps our cause.

Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Answer correct as of September 2016

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Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender

More related questions

Hi, I wish to obtain 3 cars through a PCP for my family as gifts.. I want to do them all in my name. Mercedes credit company stated they couldn't do it because you can only have one pcp agreement is this the case? Regards, Laura

Answer

Hi Laura, this may well be the case. However, if you can show you can afford the cars you can get 3 cars on hire purchase. Are they brand new cars that you're after? Rachel

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I am trying to get a pcp deal on a Nissan pathfinder but was turned down because my credit score is too low. The bad credit is due to a defaulted payment of only £6 I have no CCJ's or other arrears and have perfect credit in every other way. What could you offer me?

Answer

Hi Robin, as the default is for such a small amount i'm confident we could get you approved for a PCP on a good rate too. Manufacturer finance can be really picky at times but we have many lenders on our panel whereby we can get on the phone and have a sensible conversation with them. Please make an application when you feel ready and let me know the reference number so that i can take a look. As long as you're employed, have a full UK licence, are on the electoral roll and have some deposit we should be fine :-)

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Hi, I've been turned down for a PCP even though I was putting down £4000 cash deposit and car is only £12000. I've never been refused credit before why could this be??

Answer

Hi Julie, sorry to hear you have been refused. Have you checked your credit history recently? Do you have a good, fair or poor record? Another thing that could effect the decision is your address history - have you moved recently? If not, the only other thing i can think of is that you may be over exposed with your current credit commitments. We could certainly try and get you approved though and we have many lenders so i'm positive of the right outcome especially as you have a large deposit. Kind Regards, Rachel

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Hi. Do Fiat do a credit check for PCP's? I currently have one and am looking to change my car.

I have never missed a payment on my current car but have been late for credit card payments so my credit rating is only 400. Thanks

Answer

Hi Janine, thank you for your question.

Fiat will almost certainly carry out a credit check when you're trying to obtain a new PCP deal. You can obviously try and get approved but it'll be unlikely if you have recent missed payments on your credit profile.

However, we can help if you do decide you need a new car and you are declined by Fiat. The fact that you haven't missed a payment on your current car will obviously help.

Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Rachel Wilson, Underwriting manager

Asset 1 Just get in touch,

we'll try to help Asset 2

Rachel Wilson, Underwriting Manager

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Hitatchi

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender