finance clearence

[okenemem]

i recently sold my car to" we buy any car".
the car had finance outstanding , and aparently the finance will take 6 days to clear
will i be able to apply for a new car under finace or will i have to wait for the old finance to clear .
im worried i will fail the credit check if i go ahead with this
my apologies as im new to finance

[XJ75]

Even once the finance has been settled, it's unlikely to clear from your credit file for a good few weeks.

It depends whether or not you think you're likely to be approved for new finance with the existing finance still in place. You could tell the new finance company that it has been cleared and it's due to drop off your record file, but it might be a "computer says no" scenario.

[okenemem]

if its on my credit file surely it will say "cleared"
or is it a case of it being on there with no indication of it being cleared or not

[XJ75]

I believe the credit agencies only get periodic updates from the banks/finance companies. The link below suggests it's every 30-45 days:

https://www.experian.com/blogs/ask-experian/how-of...

So until the credit agency gets that update, they have no idea whether it's been cleared or not.

[XJ75]

I guess you could get lucky and clear it the day before the update is sent to the credit agency, but I wouldn't rely on that.

[IntriguedUser]

I didnt think you can sell a car to we buy any car that has finance on it

[Sarnie]

Credit file will take circa 4-8 weeks usually, to update to show as settled........

[journeymanpro]

IntriguedUser said:

I didnt think you can sell a car to we buy any car that has finance on it

Need to rethink then.

[red_slr]

IntriguedUser said:

I didnt think you can sell a car to we buy any car that has finance on it

They had no issues with my car with finance. They paid the finance off and then sent me the balance.

[red_slr]

Also, OP, if you are going for a PCP you can have more than 1 PCP at one time. So long as they consider you to meet their affordability then no issue.

[okenemem]

red_slr said:

Also, OP, if you are going for a PCP you can have more than 1 PCP at one time. So long as they consider you to meet their affordability then no issue.

thanks but i want hp

[IntriguedUser]

red_slr said:

They had no issues with my car with finance. They paid the finance off and then sent me the balance.

Interesting, thanks for that

[red_slr]

IntriguedUser said:

red_slr said:

They had no issues with my car with finance. They paid the finance off and then sent me the balance.

Interesting, thanks for that

From their site



We can arrange settlement of any outstanding finance on your car.

For us to do this we will need you to provide an in date letter from your finance company, detailing the current settlement figure and your agreement reference number.

The settlement amount will be deducted from the amount paid to you for your car.

We will pay your finance company within 4 working days after the day of sale

If you owe more on your finance than the value of the car, we will still be happy to buy the car, but you will need to pay us the shortfall by debit/credit card when we purchase your car.