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Previously on "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?
Originally posted by washed up contractorView Post
Why, because you heard stuff you didnt want to hear? If your co has a bad credit rating, that is down to one of three things; you have run it irresponsibly, you or another director have a poor credit rating or the company hasnt been trading long enough.
None of that is down to people responding to your post on a message board. Toodle pip!
Does that mean don't let the door slam your arse on the way out?
Thanks for all the great replies. It has reminded me why I never bother with message boards.
Why, because you heard stuff you didnt want to hear? If your co has a bad credit rating, that is down to one of three things; you have run it irresponsibly, you or another director have a poor credit rating or the company hasnt been trading long enough.
None of that is down to people responding to your post on a message board. Toodle pip!
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?
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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