Bad taste

[tanneman]

I'm buying a 09 GSA from my local BMW dealer. My credit record is excellent but BMW finance didn't aprove my finance application. Last time I bought a bike I payed for it in 15 months on a 3 year loan. Trying to find out why but still no feedback. This is leaving me with a bad taste in the mouth and a credit check on my history which will probably push up interest rates for any finance or loan that I may make to secure the bike. Sometimes I wonder if all this BS is worth the hassle. If I pull out of this deal I will probably loose my deposit. Why do I want a F~*king GSA? If I didn't bother with the dealer I could have had a very good GSA off a member on the forum with less hassle I imagine.

 

[JohnnyBoxer]

Reasons for a credit decline

Too many searches recently

Problem with another person at that address

Already fully committed

Late payments on a Credit Card

Moved recently to the address and can't find you on the Voter's Roll

Just some of the most obvious

Contact Equifax/CCN/Experian for an up to date credit file on yourself

BTW - i'm in the money trade

 

[Ming]

and the one that mr money trade missed which i have had the joy of been at the rough end of .


Identity theft ........as JB says get a report asap .

 

[tanneman]

I have a an experian credit report and I phoned them straight away. Asked them why and they can't say. The guy said my credit history is very good. All bills paid and nothing outstanding. The only recent searches are for insurance and before that was my loan application for the R1100S. On the voters roll and only moved once in the past 4 years. My creditcard dit take a hit with the purchase of tickets to go visit my parents in South Africa. Maybe they think I can't make the repayments?

 

[JohnnyBoxer]

My creditcard did take a hit with the purchase of tickets to go visit my parents in South Africa. Maybe they think I can't make the repayments?

That could be it..................large credit card balance

ID theft, as Ming says..............is on the up, missed that one out

However i've not had much to do with it.................most of my work is Business Finance, so not much LTD Co ID theft in that sector

 

[Big Nick]

I think there's been a general tightening up by finance companies in the last couple of years. I was also turned down by two banks a couple of years ago for a bike loan despite the fact I've never defaulted on any previous ones and have a good credit history. BMW finance wasn't very competitive anyway when I was looking so didn't even try them.

 

[KAYCEE]

Last time I bought a bike I payed for it in 15 months on a 3 year loan.

Could be the reason. If you pay back to quickly there's not as much money in it for them.

 

[Keitht]

Could be the reason. If you pay back to quickly there's not as much money in it for them.

Hi Tanneman,

Is that 3 year loan definitely showing as cleared on your credit profile. If you paid it off early, could be that the finance co has not closed it down properly and it's still showing on your record as outstanding?
Worst case is that they could have calculated the interest wrong when you made the final payment, they think there is still something owing, you've made no further payments so it's showing as a default...

Hope not though, as those are a bugger to sort out

 

[Deleted account AWRT]

If I pull out of this deal I will probably loose my deposit.

WHY?? If you have applied for finance and they can't provide it, then that's not your fault. They then can't withhold your deposit.

 

[twizzle]

give Tesco Finance a go, i have a loan from them and very helpful they were too!!

 

[thebiker]

Have a shop around for finance - I did when I bought my GS in May and got a great deal from Zopa - lower rate than anyone else and very efficient - applied Sunday - they call me Monday afternoon and the money was in the bank on Thursday.

 

[chad]

give Tesco Finance a go, i have a loan from them and very helpful they were too!!

sainsburys are pretty helpfull with good rates too