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Hire purchase credit check?

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  • 02-07-2014 12:36pm
    #1
    123donalo
    Registered Users Posts: 82 ✭✭


    If you are buying a vehicle under hire purchase is a credit check carried out?


Comments

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    #2
    tossy
    Registered Users Posts: 9,588 ✭✭✭tossy


    Of course it is.


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    #3
    123donalo
    Registered Users Posts: 82 ✭✭123donalo


    Reason I'm asking is I have financed vehicles in past through bank and have had no issues with repayments but Mortgage is in joint account and has had some late payments over the years which show up on credit check.
    Will these affect me getting hire purchase credit on new vehicle. Trading in old value €7000 and further deposit of €5000 so hire purchase on €18000 incl vat.
    tossy wrote: »
    Of course it is.


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    #4
    xlight
    Registered Users Posts: 124 ✭✭xlight


    Maybe your credit is not as bad as you think, they will see how long is your HP agreement, i.e.3 years. Then they look at the car that you are going to purchase and value how much will it worth in 3 years. If the value is greater than your borrowing then I guess they will be happy to give you the HP.


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