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I was Declined Credit For a PCP Deal - Can you 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?

Asked by Leigh Dreyer

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

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 41 People

5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9% APR: the exact rate you will be offered will be based on your circumstances

Representative example: borrowing £6,500 over 5 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37

Rates may differ as they are dependent on individual circumstances. Subject to status.

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