ste_p23
Member
Registered: 29th Dec 08
Location: Hindley,Wigan
User status: Offline
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Talk of the devil he has just rang me and said:-
They have declined me for the personal contract hire option.
However they have asked to see 3 months worths of bank statements as they cab offer me the car on 0% finance for the 5 years!
To be honest i really dont get how this works!
So they wont give me finance for 8k when i can prove i have 6k i ready to put towards it!
But they will give me the value of 14k for the new car pending bank statements 
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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PCP works totally different to 0% finance for 5 years
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ste_p23
Member
Registered: 29th Dec 08
Location: Hindley,Wigan
User status: Offline
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quote:
Originally posted by whitter45
PCP works totally different to 0% finance for 5 years
Well the above is just what i have been told
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joshcorsa
Member
Registered: 4th Aug 10
User status: Offline
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if its not immediate, its because there is a problem. What they then do is a process called "sent to the underwriter" which means a manager is havinjg a manual look as oppsed to computer says no! Some times they will come back and say yes but if you.......
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joshcorsa
Member
Registered: 4th Aug 10
User status: Offline
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any way 0% finance will be much better for you in the long run. You will own the car afterwards.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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When I've borrowed money in the past its been a matter of seconds..
Also checking your credit rating / doing a credit search etc. on your name is not something you should do lots as it also affects your rating.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by joshcorsa
any way 0% finance will be much better for you in the long run. You will own the car afterwards.
I dissagree, because the car will probably be worth less than what you owe after 2-3 years..
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djgritt
Premium Member
Registered: 1st Nov 07
Location: Dorset Drives: Focus ST / Hyundai i20N
User status: Offline
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Took a few days for the paperwork to be circulated, processed, checked, returned and then me notified on my current Mazda and my previous Octavia
Depends on who's doing it (both at the dealership and credit company) and how much of a rush they are in to get it done etc
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ste_p23
Member
Registered: 29th Dec 08
Location: Hindley,Wigan
User status: Offline
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I dissagree, because the car will probably be worth less than what you owe after 2-3 years..
Thats why i went for the lease as to have the car for 3yrs it would cost just under 8k.
I refuse to pay 14k for a car over 5years and at the end of the 5yrs be offered 2k for it.
I went for leasing as i figured the payments would be low and i wouldnt be loosing a huge amount in depreciation
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xentoo
Member
Registered: 24th Sep 08
Location: Hampshire
User status: Offline
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It took 1 day for my Vectra VXR...
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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Can you not just get a bank loan? Might work out cheaper depending on what you've been offered by GMAC or whatever finance company they've used.
Also - those "credit score" things you can buy for a fiver? Forget them. They are useless. Every creditor uses a different scoring method, there is no universal one that everyone uses.
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