Finance Application Process

[AudiNutta]

Hi Guys,

Well long story short, I'm on an apprenticeship and was hoping to take delivery of an RS3 at the end when I go up to full salary. Right now, I wouldn't pass a credit check because my salary is considerably lower than it will be in 12 months time.

My dealer has agreed to not follow normal protocol and run a check before the build gets locked in, but requires a 10% deposit or the total cost of options as a deposit.. Whichever is higher. 10% will be £5200, options will total £12,000.
Then if the finance fell through, they would refund this in full. I don't see this risk being worth £11,000? They want to perform a check before the build gets locked in so they can change the build to their desired spec if it didn't work out. So either way they will want to sell the car, but to give me the deposit back in full regardless I can't see their gain in such a large sum. I only want to put a £4,000 deposit down on the PCP anyway, the sum they have come up with is ridiculous.

I'm curious how your dealers have dealt with this? The closer a check can be carried out to the delivery date the better, as then my £20k sportback will be cleared off my file and my salary will be over twice what it is now. If it means I have to travel to find a dealer who will do this, that's what it will have to be.

Matt.

 

[jimojameso]

Hate to **** on your fireworks buddy but wouldn't it better to order the car when you can pass a credit check. They have them in place for a reason. Your assuming in 12 months that your be on a good salary. You don't know that for definite yet, your still on your apprenticeship. I would wait if i were you until you can do it like any other customer.

 

[AudiNutta]

Hate to **** on your fireworks buddy but wouldn't it better to order the car when you can pass a credit check. They have them in place for a reason. Your assuming in 12 months that your be on a good salary. You don't know that for definite yet, your still on your apprenticeship. I would wait if i were you until you can do it like any other customer.

Well, I know for definite when I complete my apprenticeship I will be up on a qualified engineers salary. My thought is, I will have it for when I complete it as a reward if anything haha. It's painful enough having to wait that long, without ordering in 12 months time.. It would be at least 18 months before delivery

 

[Spaceman_RS3]

What industry you work in bud and where?

 

[AudiNutta]

What industry you work in bud and where?

Electrical Engineer, I'm working in a mass production Bread Factory.

 

[Spaceman_RS3]

No worries there then really

 

[Dtwm1]

I'm 23 and recently had a pretty big jump in my salary and it was straight forward. I already had a A3 s-line on a PCP in my mums name as I was at uni when I got it which the dealers were fine with. I explained that I'd only been out of uni a few months and returned to work full-time with a company I was an intern with and that my salary had jumped up so technically had been my employer for 2 years. The car I was looking at was in stock so applied for finance thinking the worse they can say in no and I re-apply with a digger deposit in 6/9months. Anyway, VW finance asked for 3 months of bank statements to show affordability which I obviously passed as I picked up the car the next day.

Don't worry about it, the only think to bear in mind is that if your rejected if you get a parent etc to apply for you VW finance will reject them as its known as an 'accommodation' so you'll have to wait to reapply.

 

[Grant]

Electrical Engineer, I'm working in a mass production Bread Factory.

When you finish your apprenticeship, will you be making lots of dough?

 

[hood]

Yeh
Stick in bud. It sounds like you know which side your bread is buttered on.

 

[Spaceman_RS3]

I had to ask that question.

 

[Grant]

Yeh
Stick in bud. It sounds like you know which side your bread is buttered on.

Do you mean French Stick?

 

[hood]

I would reckon he will be speccing the PAN sunroof.

 

[AudiNutta]

I'm 23 and recently had a pretty big jump in my salary and it was straight forward. I already had a A3 s-line on a PCP in my mums name as I was at uni when I got it which the dealers were fine with. I explained that I'd only been out of uni a few months and returned to work full-time with a company I was an intern with and that my salary had jumped up so technically had been my employer for 2 years. The car I was looking at was in stock so applied for finance thinking the worse they can say in no and I re-apply with a digger deposit in 6/9months. Anyway, VW finance asked for 3 months of bank statements to show affordability which I obviously passed as I picked up the car the next day.

Don't worry about it, the only think to bear in mind is that if your rejected if you get a parent etc to apply for you VW finance will reject them as its known as an 'accommodation' so you'll have to wait to reapply.

Great thanks for that, you're in near enough the exact same position as me haha! I have an A3 S Line too on PCP, but in my own name and will of done for 20-22 months by the time the RS comes around, the monthly payments on this are just under half what the RS will be and my salary will near enough triple to when I took that finance out, hopefully with my VWFS history it will be fine.

When they want to perform this credit check, I'm likely to be on either £22,000.. Then a few months after it will go up to £33,500. It's a pain that I can't provide the bank statements like you did of my on full salary. I am hoping for delivery in March / April 2017 but my salary won't go right up until July, maybe I'm better waiting until July for delivery so at least they can see how much I'm on when I take it away.

 

[AudiNutta]

When you finish your apprenticeship, will you be making lots of dough?

£33,500.. That is at least unless I decide to venture to the English side of the channel where the jobs are better paid

 

[hood]

Loving the young guys spending over a years wages on a car.Those were the days.
No wife,kids and a small mortgage.Quite right fellas-do it now-before they pull you in.

 

[AudiNutta]

Loving the young guys spending over a years wages on a car.Those were the days.
No wife,kids and a small mortgage.Quite right fellas-do it now-before they pull you in.

Exactly, I will of worked for 4 years for my career and I only want one thing out of it, to enjoy while I can and I've decided it's an RS3.

I will probably only have this opportunity once to spend so much on a car, so it's good to enjoy it while I can. My mortgage is £80 a month keep to my parents I spend nearly half my wages now on my car before I even put fuel in it, but I choose to do that instead of drinking.. Always better to have something to show for it

 

[Terminator x]

LOL my first car was a battered old Mk1 Golf Gti and my 2nd was a battered old Mk2 16v!

TX.

 

[AudiNutta]

LOL my first car was a battered old Mk1 Golf Gti and my 2nd was a battered old Mk2 16v!

TX.

I've been driving 2 years in June, I've had 3 cars already.

I started in a MK5 51 plate Fiesta Zetec S

Then I had a MK7.5 Fiesta Zetec S, one of the 1.0 Turbo EcoBoosts which I got looking really nice, detailed, the works and then an email came through from Audi... The day after it was detailed.

The following weekend I had bought my 8V A3 S Line Sportback! Now I find myself thinking of nothing but the RS3

Had nothing but trouble with cars so far. My second Fiesta had an engine rattle, my A3 got hit on the motorway and the driver fled, although he was caught I've had to foot the damage.. I've since had some kids push a trolley into it! It's been into Audi for a grille replacement, where they cracked my bumper so it's been in the body shop again since to be repaired.. Then they did a crap job of that, so it went in again. My car has seen the body shop 5 times since I bought it in July, whether it's down to other people's actions or defects it had when I bought it. I think I bought the dog of all used approved Audi's haha.

 

[Terminator x]

Fair play to you fella, as you say we all spend our £'s on different things you just spend yours on the car.

TX.

 

[AudiNutta]

Fair play to you fella, as you say we all spend our £'s on different things you just spend yours on the car.

TX.

Yeah exactly TX, I've never had alcohol which most find it hard to believe. It's always been cars, it's the way to be IMO.

 

[DommyR]

im 22 and finished my apprenticeship (manufacture engineering) although my company is funding my degree which has slowed my money slightly. But all of my money goes on beer and whatevers left goes on car finance and phone bill.

 

[Rick P]

I'm a 26 year old doctor, you may have heard of the government's ploys to trash our contract (which has wider implications than just our pay might I add), despite this; I've also decided to blow my cash on an RS3.

Life isn't just about getting your money in an appreciating asset early on, I've seen first hand that life is definitely too short. We deserve to splurge on something out of the ordinary every so often. Some buy clothes, shoes.. For us; we love cars.

I spend most of my life in hospital.. relishing the prospect of my daily commute to and from work has to be a good thing; it improves my mood, allows me to start the day with a smile and probably gets me in the best possible frame of mind to do my job for when I get in.

So good on you, spend that hard earned cash on your RS3, it'll be well worth it in all senses of the term!!

 

[Eigdoog]

Audi never asked me how much i earn, just took my bank card and i was approved lol. I was waiting for all the normal questions etc but never asked me anything really, just all of a sudden said "yep thats all gone though" This is on a pcp.

26 year old self employed carpenter...

 

[AudiNutta]

I'm a 26 year old doctor, you may have heard of the government's ploys to trash our contract (which has wider implications than just our pay might I add), despite this; I've also decided to blow my cash on an RS3.

Life isn't just about getting your money in an appreciating asset early on, I've seen first hand that life is definitely too short. We deserve to splurge on something out of the ordinary every so often. Some buy clothes, shoes.. For us; we love cars.

I spend most of my life in hospital.. relishing the prospect of my daily commute to and from work has to be a good thing; it improves my mood, allows me to start the day with a smile and probably gets me in the best possible frame of mind to do my job for when I get in.

So good on you, spend that hard earned cash on your RS3, it'll be well worth it in all senses of the term!!

Totally agree!! In a similar position to you, except for your much greater salary

We definitely deserve a treat every now and then, this is going to be mine after working for my career! It's really nice to hear how much you look forward to driving the RS3, it adds to my endless build of excitement.

 

[AudiNutta]

Audi never asked me how much i earn, just took my bank card and i was approved lol. I was waiting for all the normal questions etc but never asked me anything really, just all of a sudden said "yep thats all gone though" This is on a pcp.

26 year old self employed carpenter...

What Audi Centre were you dealing with? Sounds nice and easy haha.

Did you order a car or buy one off the forecourt?

 

[Eigdoog]

I ordered from Kings Lynn and ordered a new car (just been built and should get 1st of March)

I can't fault them in any way so far! Only thing is they offered me £3000 for my A4 avant and i just sold it for £6000 and it was the lowest on auto trader for that model...

 

[AudiNutta]

I ordered from Kings Lynn and ordered a new car (just been built and should get 1st of March)

I can't fault them in any way so far! Only thing is they offered me £3000 for my A4 avant and i just sold it for £6000 and it was the lowest on auto trader for that model...

Oh, that's a fair distance for me.. I'm from South Wales haha. I did travel to Bedford for the A3 I have now though, we always travel for the right car.

That PX is pretty poor, maybe they took it into account after giving you more discount on your new one?

 

[CraigI]

Car finance is very rarely rejected.
All based upon credit scoring, which you can check yourself online free.
Never been asked about salary for car finance.

 

[Schlaag]

My mrs has an experian score of 999 hence why the RS3 is going in her name!

 

[Eigdoog]

Well i only got £1080 off about 48-49k! I did look at a S5 that i could of got 8.5k off but i wanted the RS more.

 

[Grant]

My mrs has an experian score of 999 hence why the RS3 is going in her name!

I hope she realises she's going to lose her perfect Experian credit score shortly!

 

[AudiNutta]

Car finance is very rarely rejected.
All based upon credit scoring, which you can check yourself online free.
Never been asked about salary for car finance.

It comes down to the amount of spare money you have also, from looking at your credit history. They will see how much I've been earning from the report in relation to how much the car will cost, then they will decide if I can afford it.. Which I can, just not on the lower salary haha. But I will be able to by the time it arrives.

 

[AudiNutta]

My mrs has an experian score of 999 hence why the RS3 is going in her name!

999? Wow!
Mine is looking very sad after taking out the A3, I'm using ClearScore for my credit check and out of 700 I'm on 364

 

[AudiNutta]

Well i only got £1080 off about 48-49k! I did look at a S5 that i could of got 8.5k off but i wanted the RS more.

Hm, not the best then but at least you got a good deal in the end.

Good decision on buying the RS, the 3.0 V6 are awesome engines but don't really compare to the noise an RS3 makes.

 

[DommyR]

I ordered from Kings Lynn and ordered a new car (just been built and should get 1st of March)

I can't fault them in any way so far! Only thing is they offered me £3000 for my A4 avant and i just sold it for £6000 and it was the lowest on auto trader for that model...

I got my S3 from kings lynn and they were excellent. Completely recommend!

 

[Eigdoog]

I think King Lynn have been really good and hopefully will stay the same for the pick up. Who did you see?

I never test drove a S4/S5 for the engine but would of loved too! Only started one up. I hear they are still like a boat to drive and I've still got a need for speed

 

[DommyR]

Dealt with Dan T there,