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Edwin Miles. Underwriting Manager

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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?

Posted by Leigh Dreyer on

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, Edwin

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Question.

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

Posted by Laura on

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? Edwin

Posted by on

Question.

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?

Posted by Robin on

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 :-)

Posted by on

Question.

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??

Posted by Julie on

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, Edwin

Posted by on

Question.

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

Posted by Janine Ashman on

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, Edwin

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Posted by Daniel McCorley on

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