Can you Help me Apply for Car Finance for A Mercedes ML?

Hi, I have already got a Mercedes CLC on PCP which is due to be handed back in September. I have never been late or missed a payment in the 3 years. I ordered a brand new Mercedes ML which is due in September. The finance had apparently all been passed and was just waiting for the car to arrive. Yesterday I got a phone call to say that with the new quarters now the application had been re-assessed and that I had been declined for finance. I'm now in a bit of a dilemma because I don't want to keep applying for finance and affect my credit score. Is there anything you can do to help? I have a 5k deposit to put in and was looking for payments to be around £600 a month mark. Many thanks, Claire

Asked by Claire Ridley
July 23, 2013

Hi Claire, it seems strange that you were approved and then declined. However, we'd love to be able to help. With a large deposit, good monthly income and a clean car finance record in the past, we'd be pretty confident of getting you approved. We can move pretty quickly so let me know the details asap. Once you're ready please make an application. If approved, you can choose a car from any reputable dealership in the UK and we also provide a no obligation quote. Kind Regards, Rachel

My monthly budget is

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Rates from 8.9% APR. Representative APR 19.9%

My monthly budget is

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Rates from 8.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £10,000 over 5 years with a representative APR of 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £255.50 per month, with a total cost of credit of £5,329.80 and a total amount payable of £15,030.

We look to find the best rate from our panel of lenders and offer you the best deal that you're eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.

Amount to borrow

To pay over

5 years

Assuming your credit profile is:

Total cost of credit	£ 2000
Total repayment	£ 2000

48 monthly
payments of

£ 245 98

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Rates from 9.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £25,000 over 48 months, £3,750.00 deposit, on PCP, with annual mileage of 8,000pa, and a representative APR of 11.9%, an annual interest rate of 11.9% (Fixed), the amount payable would be £394.51 per month, an optional final payment of £7,194.33, with a total cost of credit of £9,912.36 and a total amount payable of £28,444.33.

We look to find the best product from our panel of lenders and will offer you the best deal that you’re eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.

Personal Contract Purchase (PCP) related questions

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??

Asked by Julie
July 23, 2013

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

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

Asked by Janine Ashman
July 23, 2013

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

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 yo

July 23, 2013

The good news is that CarFinance 247 works with a panel of lenders, which means we can look to find you a PCP deal, even if you’ve been declined elsewhere.

However, we can’t guarantee that we will be able to help as everyone’s circumstances are different and we’d need to look at your individual details to find out if we can match you to one of our lenders offering personal contract purchase deals.

Get a quote to find out more. Rates from 6.9% APR. Representative APR 24.9%.

Find out more about PCP and whether it could be the right car finance option for you here

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

Asked by Laura
July 23, 2013

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

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 Sant

Asked by Leigh Dreyer
July 23, 2013

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

Hi Rachel, I've just taken out a pcp finance contract with Santander on a Kia Picanto. So, i'm paying £150 a month for the next 3 years and then an optional payment of around £4000 after the 3 years if i want to keep the car. I've only had the car for 2 m

Asked by Gaenor Jones
July 23, 2013

Hi Gaenor, in a word - No. You can't just hand the car back unfortunately. You've committed to an agreement and the only way out would be to pay very large charges levied by Santander for messing them around. Sorry to be blunt but didn't want to get your hopes up.

Hi there, Mercedes will settle my current "B" Class Car finance which is good news. I'd like a newer 3 month old Mercedes "B" Class valued at £24k. I'm looking for a PCP deal over 60 months and want a monthly repayment around £175 with a £5k deposit going

Asked by John Brett
July 23, 2013

Hi John, we can offer PCP deals but usually these lenders will require applicants to have good credit. How much is the Tesco default for? This will obviously effect your credit score and whether we can get you approved for this finance option or not. Your large deposit will help though.

Should we not be able to help with a PCP agreement, we do have hire purchase finance options that may be of interest to you. As we work with a large panel of lenders, we are able to offer very competitive rates, so hopefully we can secure you a great finance deal. Have you applied and been declined elsewhere? Rachel

Hi Rachel, I am looking to get a new car on PCP and have recently had 'fair' credit due to the amount of o/s credit on my files. I was knocked back by a credit card company recently however last month I remortgaged and paid all my debts off however experi

Asked by Lorna Brindle
July 23, 2013

Hi Lorna, i'd advise you to wait for your credit profile to update before applying as it'll look good that you have consolidated and settled a few accounts - especially if you have just been declined for a credit card too. Where will you be applying for a PCP? Rachel

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?

Asked by Phillip
July 23, 2013

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 - if there is any) 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. If you didn't want another car you can just hand the vehicle back.

Please make an application for finance when you're ready and if 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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CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).

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