Does a large deposit negate credit history?

[bull996]

Just read in another thread that gypsies can get credit due to large deposits.

Is that true? I thought it didnt matter about deposit, its all about credit score?

(Car credit by the way, not mortgages).

[David87]

This is PH. We deal in cash. Away with you, peasant.;)

[chriscpritchard]

If you put a large deposit down, you're going to be borrowing less money (and therefore paying back less) and so you're not as big a risk

[Steffan]

Not totally: the Banks are really avaricious now and will charge higher rates, up front fees, management charges and everything else they can think of whenever possible. A poor credit rating is fair game to them.

A big deposit(50%) would allow an offer in a poor credit case but the rate would reflect the poor credit.

Prospective borrowers need to really protect their credit rating.

Over 25 years an additional 2% or 3% interest is a huge cost.

[bull996]

David87 said:

This is PH. We deal in cash. Away with you, peasant.;)

Lol, of course you are correct.

Not buying a car myself, but the question was asked on another thread how they get finance for their cars, since they dont (often) have accounts or jobs etc etc, and the response was that they have high deposits.

[CarlT]

They wont get finance without a permanent (proveable) home address - end of...

[Steffan]

Unfortunately the criminal element have long ago sourced the solution to such small matters.

They use substitute borrowers, other peoples credit identities and similar subterfuges to give them excellent provable identities.

Because that way, if they need to they just walk away.

Ask yourself the question:

How do I know the person driving the car is the owner/registered owner/whatever?

At the same time ask yourself the question: how do so many cars get flashed for speeding and seem to carry on driving without problem?

Similar approach the shysters in society never admit to driving, owning or being responsible for anything. Its against their religion.