Purchasing a new car on finance

7 replies
Found 10th Jan
Hello,

I'm contemplating ordering a brand new Ford Fiesta from a local Ford dealer (or through the likes of drivethedeal or carwow) and I plan to use Ford credit. At what point during the order process is the credit check completed? I just dont want to get to the point where I put down my deposit then (potentially but unlikely) be rejected for credit. I'm then not sure what would happen to my deposit.

I would imagine the credit check is done before the order is processed but it wouldnt surprise me if they wait until later.

I appreciate asking my dealer would be best but they're always extremely busy and basically don't want to help until I want to put money down (great customer service eh!), and drivethedeal gives no information about it.

Thanks in advance.

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7 Comments

The credit check will likely be done when you agree to purchase the car. If you're concerned about your credit score then it might be worth using a free checking service such as Noddle (noddle.co.uk). It won't give you a definite yes or no but it'll tell you the strength of your credit score so should give you an indication where you stand

Original Poster

adbat

The credit check will likely be done when you agree to purchase the car. … The credit check will likely be done when you agree to purchase the car. If you're concerned about your credit score then it might be worth using a free checking service such as Noddle (noddle.co.uk). It won't give you a definite yes or no but it'll tell you the strength of your credit score so should give you an indication where you stand



​thanks, that's what i anticipated. i'm not too worried about my credit score, clearscore shows 470 (excellent) and noddle is always stupid with its 1-5 scoring so i ignore it.

no defaults, no missed payments, low credit utilisation over a couple of credit cards so i think i'll be okay. financing a car approximately 1/3 of salary.

i was just wondering if, for whatever reason, i get rejected what would happen to my fairly large deposit

Check your own credit worthiness. Go online to experian.co.uk and check it for free. There is no trace on the credit check, and Zink you need it's your own info and a credit or debit card. No money is taken but they use it as proof of identity.
Of course different companies interpret the scores differently but a score on the very good range should be fine for a basic family car.

You both posted as I typed. You should get your deposit back. I'm not sure if they can charge a fee but read the small print first.

Obtaining car finance is pretty easy, after all there is a tangible object its set against.

Well done for going through drivethedeal! Been some superb deals over the years

Original Poster

jaydeeuk1

Obtaining car finance is pretty easy, after all there is a tangible … Obtaining car finance is pretty easy, after all there is a tangible object its set against.Well done for going through drivethedeal! Been some superb deals over the years



​that was always my impression, as long as you havent done anything stupid youre pretty likely to be accepted.

and thanks, drivethedeal are definately cheapest so far but do you think you could quickly outline the process? ive got my 'indicative quote' and awaiting a callback, what happens from there?

probably going for the ST2 with a few options, about £4.5k off list!

Original Poster

FYI for anyone who had the same question - small refundable deposit taken at order to secure the car which is refunded if youre not accepted, direct from main dealer
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