Thanks Huckster.

Welcome Finance are pains! It took me a year after taken the loan with Welcome Finance to repair my credit rating to get accepted for a high street mortgage and then a further two years to clear my other debts just for them to mess things up again!! GRRRR!!

I don't think I would accept finance for the car higher than the apr I was quoted when I know that the only thing preventing this is Welcome Finance.

Kirst

Kirst

No personal experience of this. However, having read the above post in conjunction with your other under the Welcome thread, I come to this conclusion.

The Fiat dealer acts as a credit broker who can offer a few options. The first option has been declined due to the credit check caused by the Welcome issues. The dealer then may have a few other options but these may be with 'sub prime' type lenders at a higher apr%.

I think if you went with the other options at this stage, you may experience similar issues to those with Welcome. The way these companies operate is to offer a high interest but affordable loan rate and then to massively increase the rate, if you were ever late with a payment. Personally I would never trust these companies.

Huckster

Hi All,

I took the Fiat 500 for a test drive yestreday morning and fell in love with it. I sat down with the Sales Executive for some quotes. They were a little steep so I went home, talked it over with my partner and decided to go for it. I called the Sales Executive back and went through everything on the phone including my personal details for the credit check.

He called me back 20 minutes later to tell me that the application had been declined. He said that he could put it through to another companu but the apr will go up. He said he will call me Monday to let me know how it went.

Has this happened to anybody else? I've had car finance before and I always thought getting car finance is easier than anything else as it is secured against the car.

Thanks,

Kirst