Hi all

Just a quick question, is your finance approved/declined at point of order or when you are about to sign for the car?

If you,ve applied for the finance at time of order then you'll have a decision within a few days and if accepted just need to sign on the day of collection.

If you want finance that should be dealt with when you order, so you know if it'll be accepted or not.

Signing as said above is on collection day.

Otherwise you could order the car, put a deposit down and then find you can't pay for it when the day to collect comes...

I know that they do one credit check when you apply and I would guess another one when you go to collect the car. I told the dealer I wouldn't sign until it had been approved so got all that sorted first.

I was amazed that they didn't ask for any income details!

Well I filled the order form out which also had a direct debit section to fill out with all my bank details. I got a call a few days later saying your orders gone through and the finance wasn't mentioned. Guess there must of been a credit check before they order it.

I doubt the dealer would have put an order in without the finance being approved otherwise they could potentially be left with a car and no buyer.

I'm just trying to remember if I actually gave my bank details. After the test drive everything else just seemed to be a blur....

I ordered Saturday, arranged finance yesterday - so not sure when the dealer have placed their order, but I'm all set now.

Amazing deal that 2.25% I couldn't nowhere NEAR that from the bank.

My credit score should be fine but these days you hear about people getting refused. Hate to wait all this time and get told no ha!

My credit score should be fine but these days you hear about people getting refused. Hate to wait all this time and get told no ha!

You'll be fine as long as you've got no history of missed payments etc. They don't ask your income though which I found bizarre, but then I suppose it isn't like an unsecured loan - they can just come and have your car back if you ain't paying up!

I was talking to the finance manager about loans, and he mentioned M&S (Which ironically, I had applied for, 6.9%, and they declined me - my credit score is 999) - he says that the criteria to get the 6.9% is almost impossible - have to be over 30 (I'm 27), no missed payments in 10 years, homeowner, etc etc etc..... So no wonder.

I got approved with HSBC, but the rate was appalling - 15.9% so I decided to apply anyway in case I didn't get the 2.25% - pay it off for a while then pay it off early by saving up (me and my wifes saving power is just over £1K a month). Luckily I got the call from Skoda with the thumbs up first, so when the bank rung me back to say they were going to approve it, I asked to withdraw the application

I think I've missed 1 card payment (by accident) in 3 years so should be fine. Skodas low finance is a bit of a no brained really, the banks are nowhere near competitive. My wife wanted a business start up loan and they were talking 24% APR!?!

The fact that they can take the car back helps lots when it comes to hp approvals.

Yeah - did you get 2.25% as well?

There is no mention of it on the website - I hope I have got it right now - i.e. I pay the finance for 3 years and the car is mine.

Well I went for pcp and I think it was 5%. It's that long ago I cant remember exactly. Still better than any bank.

Well I went for pcp and I think it was 5%. It's that long ago I cant remember exactly. Still better than any bank.

Same for me.

Yes, the APR is 2.25%, but that is flat rate over 3 years, so it's not 2.25% bank loan - it's more like a 6% bank loan. Still, only costing £500 to borrow nearly £8K is fine by me.

And yes, I will own the car at the end, so bog standard hire purchase is what I've got.

I was told at the point of order I was accepted when they fill in all the details about your job etc... because if you order the car and then are rejected for finance then you'd have to cancel the order wouldnt ya as you wouldnt have a way to fund it.

I was told at the point of order I was accepted when they fill in all the details about your job etc... because if you order the car and then are rejected for finance then you'd have to cancel the order wouldnt ya as you wouldnt have a way to fund it.

Not necessarily - I got offered a loan from my bank so I could have still funded the car then.

The APR was absolutely shocking mind you so luckily Skoda Finance came through before the bank did, lol.

Not necessarily - I got offered a loan from my bank so I could have still funded the car then.

The APR was absolutely shocking mind you so luckily Skoda Finance came through before the bank did, lol.

Aye but for some people they may not want to get a loan and make an order based on being accepted for finance, so if they dont tell you for like a week or two how can you really place an order without knowing if the finance is going to be given the ok. Skoda finance rate is very very low which im chuffed about!

Well it works out that I'm paying £500 to borrow £7800 in effect. That works for me because it would take a good 8 months to save that money.

I'd have lost another £500 on my current car, and I'd have to endure another 8 months of it.... and I hate it as is... so I wouldn't gain anything by saving - I'd lose that money somewhere. Cars are a VERY expensive hobby. I wish I could live with a 10 year old banger and just do it up, but that's just not how I am!

Oh well

Well it works out that I'm paying £500 to borrow £7800 in effect. That works for me because it would take a good 8 months to save that money.

I'd have lost another £500 on my current car, and I'd have to endure another 8 months of it.... and I hate it as is... so I wouldn't gain anything by saving - I'd lose that money somewhere. Cars are a VERY expensive hobby. I wish I could live with a 10 year old banger and just do it up, but that's just not how I am!

Oh well

Mine is something like £6000 over 3 years which is nout really... my car is ****ing me off too! Toyota... meant to be good quality, the thing rattles like hell lately.