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PCP + credit history

  • 28-06-2016 11:00am
    #1
    VHNSala
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi all,
    I'm not sure if this question is already out there but could not read all the posts...

    I just have a very simple question. I need to buy a new car and I tried to get a loan or finance for a used car but got rejected from the bank even though I have a permanent job and good salary because I have no credit history. I never had debts, credit card or loans and apparently that could be a reason (don't wanna think another reason is that I'm not Irish!)

    Now, I have seen the PCP finance options and it would actually be a better option for myself. Monthly payments are lower and during those 3 years I would be able to save for the baloon payment and then own the car. I just don't know if in order to get approve for it they are as strict as well. I am looking for a fiat and I am not sure what bank or company they use as lender, but if any of you has had an experience like this; is it maybe easier to get approved for PCP than a loan or finance with the bank?

    Thanks!


Comments

  • #2
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    Non Irish with no borrowing history would be a significant risk surely.

    How would the bank know that you would repay or even keep the car in the country.


  • #3
    JoyPad
    Registered Users, Registered Users 2 Posts: 1,704 ✭✭✭JoyPad


    PCP is just another loan. Your application will be scrutinised by the same type of bank worker that refused your loan.
    In fact, the dealer should tell you which bank they work with.


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