Car PCP through Ltd company - bad credit rating?
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    Default Car PCP through Ltd company - bad credit rating?

    I recently applied for a PCP deal on a new car through my Ltd company rather than personally (zero emission car, low BiK, seemed a good deal). The PCP was declined because the Ltd company has a bad Experian credit score. This is simply because of the way I (and most other contractors) operate. No assets or property, low balance at the end of every year, all profit taken as dividends etc.

    Does anyone know of a way around this, or do you know of any finance companies offering car PCP for contractors?

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    Low balance and all profit taken as dividends? Is that how most contractors operate? Donít you have a war chest?

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    TripleIronDad

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    Why not buy it via PCP personally?

    You could always buy it via Bermuda. Drive it to IoM for 30 minutes....
    I keep pushing forwards but they keep pushing me backwards. So I have new rules. 1. Don't feed the trolls you know they have no souls. 2. Don't respond to them they'll only post back back again. 3. Don't be their friend they'll only knife you in the back. I have new rules I count them.

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    Won't it becasue its got no credit history rather than bad history?
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    My credit rating is really good and I'm a contractor of many years standing. In DK/IRL last year or so and it's still the same.

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    Quote Originally Posted by Padge View Post
    I recently applied for a PCP deal on a new car through my Ltd company rather than personally (zero emission car, low BiK, seemed a good deal). The PCP was declined because the Ltd company has a bad Experian credit score. This is simply because of the way I (and most other contractors) operate. No assets or property, low balance at the end of every year, all profit taken as dividends etc.

    Does anyone know of a way around this, or do you know of any finance companies offering car PCP for contractors?
    Utter rubbish, the limited co application wasnt declined because of the way 'you' operate. It was declined because the limited co doesnt have a sufficient credit record history. This is most likely because the limited co is under 3 years old or you \ any other directors have a poor credit history (oh yes it can if directors have been naughty).

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    How long as your company been running?
    Who were you applying for the PCP through?
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    Quote Originally Posted by Padge View Post
    I recently applied for a PCP deal on a new car through my Ltd company rather than personally (zero emission car, low BiK, seemed a good deal). The PCP was declined because the Ltd company has a bad Experian credit score. This is simply because of the way I (and most other contractors) operate. No assets or property, low balance at the end of every year, all profit taken as dividends etc.

    Does anyone know of a way around this, or do you know of any finance companies offering car PCP for contractors?
    PCP stands for Personal Contract Purchase.

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    Thanks for all the great replies. It has reminded me why I never bother with message boards.

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