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Finance - Rossy100 - 05-12-2011 04:21pm
Hi
Was wondering what experiences people had had in terms of financing the vehicle whilst waiting for delivery (which could be some way off). Whilst I will shop around nearer the time for best rate, my dealer put through an application with LR finance in order to process the order (also gave me piece of mind knowing was all approved). The problem i see with this is that the application will expire before I get delivery, and so presumably they will need to resubmit (which will mean another credit search?). Obviously I am keen to avoid any unnecessary credit searches and my dealer has assured me that this will not happen..... What experience have others had in relation to this?
For those who have financed outside of LR, at what point did you arrange this?
Thanks
RE: Finance - Straydox - 05-12-2011 04:27pm
My local dealer quoted LR finance (expensive) and Black Horse finance (more competitive). Get the deall written up when you order the car and sign the forms.
Finance - Rossy100 - 05-12-2011 04:31pm
Apparently they can't finalise the finance until the car is delivered - which is part of the problem! They didn't mention any other finance company but will ask next time I speak with them.
RE: Finance - griff - 05-12-2011 05:06pm
talk to Prestige - you can get a good deal and approval three months in advance.
cheers
RE: Finance - Mag1c_dragon - 05-12-2011 06:38pm
I got our finance approved via LR back in June when we ordered. However, closer to the time they started asking for all sorts of docs before they would release the money and we had a dilemma when my other half wasn't in the country to sign the forms! they didn't do any more credit checks though.
In the end I dumped LR Finance as i couldnt be bothered wiht thier faff and contacted Prestige Cars. Chris had everything sorted hassle free in half an hour and saved me just under £1000 over the cost of my 2 year finance deal
Finance - Rossy100 - 05-12-2011 06:43pm
Thanks. I definitely plan to speak to Prestige once I have a firm idea of delivery timeframe. Main concern is to make sure that LR don't credit check me (adding unnecessary footprints to my credit record) every month between now and delivery whilst rolling on the finance!!
Out of interest (and if you don't mind me asking).... What sort of docs were they asking for?
RE: Finance - Mag1c_dragon - 05-12-2011 06:51pm
We were only checked the once in June. They asked for both parts of driving license (both of us, as person ordered wouldn't be picking it up) passport, proof of employment and earning (p60 and pay statements) proof of address (wouldn't accept e-bank statements)
We move alot and driving licenses didn't match our current addres which caused them confusion. They asked for most of this in the last week or 2 when my other half even in the country (despite having months to sort this and being pre-warned he would be away) They were really picky about quality of scans and all the signatures being exact matches too.
Needless to say I didn't have a positive experience with LR....
Oh and I had a credit search in my name twice in a few days (once by LR and once by Prestige) and it still all went though fine with Prestige. They only wanted license and proof of address.
Finance - Rossy100 - 05-12-2011 06:56pm
Thanks. So at what point did you sort with Prestige (when you knew car was in build?). And if this was nearer the end, did LR therefore do 2 checks on you.... Once at order and then again near delivery?
Sorry for all the questions! Want to try and avoid any problems (which is where this forum is sooooo helpful!!!)
RE: Finance - Mag1c_dragon - 05-12-2011 07:40pm
I spoke to prestige once I knew it was built and the dealership had requested delivery. Everything can be arranged with them easily via telephone and email. I stayed on the line whilst they clicked submit and my fiancé was approved.
Only one check by LR.
I had to have a check too as eventually I transferred the finance to my name rather than the other half - sorry should have explained that bit! So LR only completed one check on my other half which was in June, but requested lots of docs before they would release payment. They need the chassis number for the finance agreement so won't issue the paperwork until it is built.
RE: Finance - mactrack - 05-12-2011 08:13pm
Deleted.