Car finance checks?

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Tom314
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Re: Car finance checks?

Post by Tom314 » Fri Sep 01, 2017 6:34 am

I don't know how they do it but they seem to have an idea of whether you have a significant income, despite having a perfect credit score (or so says Experian) they said that I'd need a guarantor. (Full time dad)

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Tom314
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Re: Car finance checks?

Post by Tom314 » Fri Sep 01, 2017 8:17 pm

So I asked someone I know who recently worked at bmwfs, they don't get income information, if you're listed as not working they assume zero income hence the guarantor for me. If the credit check is a little marginal then they'll request proof of income.

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KR15
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Re: Car finance checks?

Post by KR15 » Fri Sep 01, 2017 8:58 pm

Credit bureaus know your income from regular credits to your bank account (with a confidence factor) which is why you don't always need to provide your income to a finance company. They will get the data as part of their credit search.

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Re: Car finance checks?

Post by sparkie1984 » Sat Sep 02, 2017 11:36 am

For what it’s worth my credit history isn’t great but I was accepted fine on finance from BMWFS
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Re: Car finance checks?

Post by RDowson » Tue Sep 19, 2017 12:47 pm

I think they must go along the lines of: Credit score is fine therefore there is no/low risk since the finance secured against the car so they can just take back the car if you don't pay the payments.

That's why bank loans are much harder to get approved for. They aren't secured against anything really so it's harder for them to get the money back if you fail to make the payments. They aren't allowed to take your house off you for not paying a £10k loan (unless your house is only worth £10k!).

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Uncle Tupelo
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Re: Car finance checks?

Post by Uncle Tupelo » Tue Sep 19, 2017 1:07 pm

RDowson wrote:
Tue Sep 19, 2017 12:47 pm
They aren't allowed to take your house off you for not paying a £10k loan (unless your house is only worth £10k!).
Yes they are, but they have to get a CCJ and a charging order against your assets first.
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RDowson
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Re: Car finance checks?

Post by RDowson » Tue Sep 19, 2017 1:15 pm

They'll never take a £200k+ house for a £10k non-payment. My partner works for a bank. It's just something they don't do.

No CCJ's in Scotland so can't comment on that.

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Uncle Tupelo
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Re: Car finance checks?

Post by Uncle Tupelo » Tue Sep 19, 2017 1:35 pm

RDowson wrote:
Tue Sep 19, 2017 1:15 pm
They'll never take a £200k+ house for a £10k non-payment. My partner works for a bank. It's just something they don't do.
A bank might not but not all finance companies are banks. Debts get sold on and collection companies have little by way of qualms about raising a charging order against a house for a debt of a few thousand south of the border.

http://www.thisismoney.co.uk/money/card ... -debt.html
RDowson wrote:
Tue Sep 19, 2017 1:15 pm
No CCJ's in Scotland so can't comment on that.
This is true thankfully.

ETA: It may or may not have changed but banks used to be quite happy to do so ...

http://www.moneysavingexpert.com/news/b ... tactics---
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Re: Car finance checks?

Post by OneTwenty » Tue Sep 19, 2017 1:39 pm

I didn't supply anything and I'm self employed so have no records of salary with credit agencies either. Not sure how they authorised, but guessing it's safe with the car as they can just take it back.
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Re: Car finance checks?

Post by Menace » Tue Sep 19, 2017 5:00 pm

A wee article about the current 'problem' with the likes of PCP:
https://www.theguardian.com/money/2017/ ... SApp_Other
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