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VW Bank Finance

  • 29-11-2014 3:16pm
    #1
    r0qi4162fux9kg
    Closed Accounts Posts: 118 ✭✭


    Just in the process of looking for a new car. Will most likely be going down the VW Finance route.

    They have a HP & PCP option in place. Most likely going to go with the HP.

    Before I apply for any Finance, I'm just wondering does anyone have any experience in terms of what they look for in terms of documents or look out for/ red flags.

    I've never financed a car this way before. So a bit green - And the sales/ finance people in the dealership naturally have their own agenda.

    Thanks! S


Comments

  • #2
    noelf
    Registered Users, Registered Users 2 Posts: 1,100 ✭✭✭noelf


    What model of vw are you interested in getting as interest rates can vary . The highline trim level can have the cheapest APR rate currently 1.9 till the end of November .. also go to different dealers to get the best deal ..


  • #3
    harvester of sorrow
    Registered Users, Registered Users 2 Posts: 832 ✭✭✭harvester of sorrow


    Tbh it all depends on your credit history.
    When I applied for finance with vw bank through my Skoda dealer all I was asked for was my name and address.
    Vw do the credit check ,and come back with a yes or no.
    After the yes you obviously have the proof of address and I.d.Usuall a utility bill and passport/drivers licence.Bank account no. and sort code and that's it.

    Happy motoring.:)


  • #4
    r0qi4162fux9kg
    Closed Accounts Posts: 118 ✭✭r0qi4162fux9kg


    harvester of sorrow wrote: »
    Tbh it all depends on your credit history.
    When I applied for finance with vw bank through my Skoda dealer all I was asked for was my name and address.
    Vw do the credit check ,and come back with a yes or no.
    After the yes you obviously have the proof of address and I.d.Usuall a utility bill and passport/drivers licence.Bank account no. and sort code and that's it.


    Happy motoring.:)

    Thanks for that.
    Did you go for HP or PCP?
    Surprised they don't need bank statements!


  • #5
    harvester of sorrow
    Registered Users, Registered Users 2 Posts: 832 ✭✭✭harvester of sorrow


    HP.
    Again depends on your credit history/ earnings/ability to pay.

    Car finance in general should be easy enough to obtain,because at the end of the day there is an asset to be repossessed if the buyer defaults.


  • #6
    Col_30
    Registered Users, Registered Users 2 Posts: 171 ✭✭Col_30


    I've just been through the PCP application process with vw bank. They did request 3 months bank statements after initial credit check. My ICB report is perfect, so not sure what they were looking for. Maybe proof of identity? Anyway I got approved. Good luck with whatever you go for.


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  • #7
    r0qi4162fux9kg
    Closed Accounts Posts: 118 ✭✭r0qi4162fux9kg


    Thanks for the responses everyone.


  • #8
    Bpmull
    Closed Accounts Posts: 5,042 ✭✭✭Bpmull


    Col_30 wrote: »
    I've just been through the PCP application process with vw bank. They did request 3 months bank statements after initial credit check. My ICB report is perfect, so not sure what they were looking for. Maybe proof of identity? Anyway I got approved. Good luck with whatever you go for.

    Pcp is easier to get approved for since effectively all they're doing is long term renting you a car sure the logbook won't even be in your name it will be volkswagen Ireland as the owner. But I suppose it suits some people and if it works for you that's great. I just wouldn't be mad about not properly owning the car or the balloon payment although I suppose you don't really own a car with hp either.

    Op vw hp finance can be difficult to be approved for as the low interest rates mean if your any risk at all you won't be approved. I know several people who couldn't get approved for vw hp but when they applied for traditional
    Loan with finance houses they got loans no problem but at 3-5 times the interest rate. Best of luck with it anyway.


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