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 Car finance after Trust Deed Discharge
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FarCry
New Member

6 Posts

Posted - 14 August 2019 :  16:35:03  Show Profile  Reply with Quote
Hi

Just wondered if there was anyone recently discharged from a trust deed that has been successful in getting a HP or PCP deal for a car? I've been discharged from December '18.

I had a brain tumour 2 years ago and my licence was taken off me but I am getting it back shortly (cannot wait).

I have seen there was success in posts but they were very old and the ones I did see were from Arnold Clark, anyone got finance elsewhere?

Thanks

P.S. I'm asking about normally rates of finance, anyone can get finance at 40%+ but to me that's crazy, wouldn't sit right with me.

TD is done!

TDA (Debt Adviser)
Trust Deed Expert



13192 Posts

Posted - 14 August 2019 :  21:47:44  Show Profile  Reply with Quote
Hopefully someone will have experience to share with you FarCry.

To my knowledge, the terms available will steadily improve the longer ago your trust deed was completed.

Motor dealers tend to have access to a panel of finance providers. If prime rates can't be secured, they'll move to near-prime. If near-prime isn't available then vehicle finance could start getting pretty expensive.

It might be one of these questions where you'll only find out the options you have by trying.

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Paul McDougall
Trust Deed Expert



28 Posts

Posted - 15 August 2019 :  08:32:58  Show Profile  Reply with Quote
Morning Farcry

Sounds like you have had a difficult time of late.

If you are obtaining finance from the dealership, the car salesman will act as a broker between you and the finance company.

Usually most people who have been discharged will be charged slightly more interest. There are different ways to work round this such as a guarantor or finance being obtained by a family member or spouse.

On a positive note, I haven't had any of my clients not being able to obtain car finance after their discharge.

All the best for the future.

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FarCry
New Member

6 Posts

Posted - 15 August 2019 :  13:12:24  Show Profile  Reply with Quote
Hi

Thanks for the replies. My plan is to apply and see what happens but was looking for some reassurance I suppose from someone who has been through the process.

It is good to hear Paul that clients have had success, I'm hoping to get approved myself, will look into it further with the dealers, thanks.

TD is done!
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FarCry
New Member

6 Posts

Posted - 16 August 2019 :  10:08:55  Show Profile  Reply with Quote
Hi

Just a quick update, my wife is in the same situation as myself regarding her trust deed, we applied for finance under her name and was rejected, guess that answers my question. Disappointing but life goes on. A little over a year and there won't be any trace of the trust deed, thankfully.

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TDA (Debt Adviser)
Trust Deed Expert



13192 Posts

Posted - 16 August 2019 :  15:09:34  Show Profile  Reply with Quote
Sorry to hear this FarCry.

It doesn't necessarily answer your question. Other firms might be able to offer credit to you, or source credit for you from different lenders.

It's also possible that a finance provider would see each of your credit profiles differently. A discharged trust deed will be just one of the things they review on an individual's credit report.

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