fazza
Member
Registered: 7th Feb 08
Location: Plymouth
User status: Offline
|
Hi Chaps,
Looking into purchasing a new car/bike on HP but want to make sure my credit is going to be worthy, before wasting mine and the sales guys time and also don't want more checks reducing my credit score.
I have a score of 867, is that a reasonable enough score to get finance?
I have never had credit before other than a phone contract, that I was late on a few payments but it was all cleared in full and now removed from my credit file.
|
Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
|
Depends on income aswell remember. Plus arnt you self employed?
|
fazza
Member
Registered: 7th Feb 08
Location: Plymouth
User status: Offline
|
Yes for a ltd company though so get wage slips etc
edit - if that makes any difference lol
[Edited on 13-02-2013 by fazza]
|
VrsTurbo
Premium Member
Registered: 8th Jun 10
User status: Offline
|
Can get your account to do a letter of finance due to taking div's to top up earnings.
but thats a high score for credit
|
A2H GO
Member
Registered: 14th Sep 04
Location: Stoke
User status: Offline
|
Where do you get an actual score like that?
In experience Equifax/Experian just give you a report of historical credit...
|
Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
|
^ It's an added extra iirc of experian. I just use noodle, as its free, they just do it out of 5.
Shouldn't have any problems fazzzaaa
|
James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
|
Just get a normal loan. Rates are much better.
Tesco do 5.2% up to £15k.
|
fazza
Member
Registered: 7th Feb 08
Location: Plymouth
User status: Offline
|
I only thought about finance on the bike as because I've not had credit before I thought it would be easier to get? As they physically have something they can take back
|
John
Member
Registered: 30th Jun 03
User status: Offline
|
Never having credit before will probably be more of an issue than what equifax or experian say.
Have you had credit cards or mobile contracts, those help.
|
James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
|
quote:
Originally posted by fazza
I only thought about finance on the bike as because I've not had credit before I thought it would be easier to get? As they physically have something they can take back
I wouldn't have thought it would make much of a difference.
Normal loan providers will ask what it's for anyway so you can tell them it's for a car.
It's up to you but it could end costing you a lot more through car finance.
|
fazza
Member
Registered: 7th Feb 08
Location: Plymouth
User status: Offline
|
Only the phone contract that I defaulted on John. Had that a few years ago was just a sim only plan that I forgot to cancel when the missus bought be a new phone on contract(but in her name).
There was a balance of £129 that was classed as defaulted but it has since been cleared in full and removed from my credit file.
Got a credit card now but only had it 3 months as never had the need for one.
edit - Applied for 5k tesco loan and they said no...
Will try bike finance then, will hopefully work as a 'credit builder' even if it will cost me a bit more.
[Edited on 13-02-2013 by fazza]
|
John
Member
Registered: 30th Jun 03
User status: Offline
|
The lower interest loans will generally be the most difficult to get.
|
fazza
Member
Registered: 7th Feb 08
Location: Plymouth
User status: Offline
|
ah I see.
Where would you recommend John?
I just presumed they would offer a slightly higher interest rate instead of a straight no 
|
A2H GO
Member
Registered: 14th Sep 04
Location: Stoke
User status: Offline
|
Nealy all companys to RBP (risk based pricing), very few people actually get the rate they advertise.
|
fazza
Member
Registered: 7th Feb 08
Location: Plymouth
User status: Offline
|
problem is I don't want to keep whacking my details into different lenders as that will just fuck my credit no end
Am I best going to a dealer(the bike I want is from a dealer) and seeing what they can do or applying elsewhere online?
|
John
Member
Registered: 30th Jun 03
User status: Offline
|
Either have a look on MSE forum or just go to the bike dealer. I'm not sure who's easiest to get but the info should be on MSE.
|
Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
|
I've financed twice and bank loan on third occasion, the third occasion I got the best rate at 5.1% on 13k over 4 years.
|
dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
|
Set up a DD to pay your CC off in full every month, and then start putting all your normal monthly spend on the CC to boost your efficient use of credit.
Cant comment on the loans / finance though as I've never had any, but I do the above with our credit card (pay me £5 a month to do it as well)
|
fazza
Member
Registered: 7th Feb 08
Location: Plymouth
User status: Offline
|
Went to dealer today and had a chat and look over the bike. Discussed finance and it went through fine.
Pick this up in a couple of weeks!
[Edited on 14-02-2013 by fazza]
|
SXI - Matt
Member
Registered: 8th Jul 07
Location: Leicestershire Drives: Corsa C SRI
User status: Offline
|
quote:
Originally posted by fazza
Went to dealer today and had a chat and look over the bike. Discussed finance and it went through fine.
Pick this up in a couple of weeks!
[Edited on 14-02-2013 by fazza]
That's stunning love the R6 would love a bike but just cant trust my self if I'm honest a car is fine for now but that's lovely enjoy 
|
dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
|
Looks great, nice choice, cant wait for the snow to fuck off, grab my jump leads and spark mine up into action.
Needs a good run to get the battery charged though, I gave it 50 miles the other week but battery died again
|
Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline
|
Lovely bike, good colour choice too.
Really need to do my direct access this year.
April '06' Corsasport Feature Car  | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
|
