Ford credit

[Arashk998]

I had some major opinion changes in the past year asking stuff in the forum. I’ve been saving up for the past 3 years while studying full time at uni and a year ago because of insurance prices my pick was an ecoboost mustang but now the difference is only 1k So I’m definitely going for the GT because why not? go full out and enjoy one of the last NA 5.0 V8 (Allegedly) so this question might not be for everyone but i know some users have worked at ford dealers before:
I’m trying to get the car with around £10k deposit for 36months on pcp and earnings around £26k. Seen some GTs on carwow for around £41k
Would ford credit approve the finance for a 22yro? Or do i need to be earning more. Because of my age bank loans end up being more expensive and I’ll be planning to pay off the lump sum at the end of the contract so I’m certain on going for pcp.

I got no other monthly expenses and my Experian credit score is excellent

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[SpArKy]

I had some major opinion changes in the past year asking stuff in the forum. I’ve been saving up for the past 3 years while studying full time at uni and a year ago because of insurance prices my pick was an ecoboost mustang but now the difference is only 1k So I’m definitely going for the GT because why not? go full out and enjoy one of the last NA 5.0 V8 (Allegedly) so this question might not be for everyone but i know some users have worked at ford dealers before:
I’m trying to get the car with around £10k deposit for 36months on pcp and earnings around £26k. Seen some GTs on carwow for around £41k
Would ford credit approve the finance for a 22yro? Or do i need to be earning more. Because of my age bank loans end up being more expensive and I’ll be planning to pay off the lump sum at the end of the contract so I’m certain on going for pcp.

I got no other monthly expenses and my Experian credit score is excellent

you can only ask m8. credit approval varies massively so no one here will be able to give you an answer. a 10k deposit would usually put u in a decent enough position though. dread to think what the insurance is at 22 though :(

 

[Tin O' Spam]

dread to think what the insurance is at 22 though :(

Mine was about £3,500 when I got mine at 22...

 

[Arashk998]

you can only ask m8. credit approval varies massively so no one here will be able to give you an answer. a 10k deposit would usually put u in a decent enough position though. dread to think what the insurance is at 22 though :(

Yeah I reckoned you guys wouldn’t be able to tell. Applied few months ago with a £12k salary and got rejected but obviously that’s a very low income, will see with higher salary

yeah mate the cheapest insurance quote im getting for a GT is £3500 :without a black box but i should have enough savings leftover for it.

 

[Arashk998]

Mine was about £3,500 when I got mine at 22...

Got the same quote

 

[Tin O' Spam]

Got the same quote

Usually Admiral is the best for people our age with anything sporty. Few I know with Fiesta/Focus STs all ended up with them as well

 

[Adam83]

Can you even put 10k down on a PCP contract? I think there’s a maximum amount. If I were in your position with 10k deposit you’re better off buying a used example and save yourself 2 grand on the first years road tax. 2016 GT’s can be had for less than 25k now.

 

[maddog1982]

Agree you maybe far better to get a 2016ish one, I would look at Zopa for loans, I didn't quite have all the cash when I bought mine so borrowed some at 2.9%. Do you live at home? Weird question as 26k is a massive salary if you are at home but having rent or mortgege things are different, if you were to buy second hand its easier to move on than get out of a PCP too. Another point is if you are looking for a house having a big loan against you will also affect how much you can borrow.

 

[maddog1982]

Can you even put 10k down on a PCP contract? I think there’s a maximum amount. If I were in your position with 10k deposit you’re better off buying a used example and save yourself 2 grand on the first years road tax. 2016 GT’s can be had for less than 25k now.

I think you can to be honest its a maximum of 1/3rd the value I think when I was consdiering new on a 0% apr I was running quotes around 15k or so, it was like 280ish amonth

 

[maddog1982]

And fair play to those in their 20s! at 22 I was in a 200sx that was a pain in the d*ck at the best of times

 

[wenklaw]

If you applied a few months ago and got rejected I think it very likely you will be referred and then rejected, even with £10k deposit. Only my opinion but you will still be asking for £30k credit with little history of your increased wage. COVID19 has i understand made some lenders more cautious. I would wait 6-9 months and then re-apply because multiple credit applications in a short space of time isn't going to do you any favours plus lenders may be a little more willing to lend when they know what damage COVID19 has done economically.

I also think the deposit is max of 35%ish so £10k down is fine

 

[Arashk998]

Can you even put 10k down on a PCP contract? I think there’s a maximum amount. If I were in your position with 10k deposit you’re better off buying a used example and save yourself 2 grand on the first years road tax. 2016 GT’s can be had for less than 25k now.

Yeah the deposit goes up to £15k for £250 pm after it
Tbh you’re right and i would get a 2016 but since i wanna keep the car for more than 4 years I wouldn't go less than approved used with low milage on it

 

[Arashk998]

If you applied a few months ago and got rejected I think it very likely you will be referred and then rejected, even with £10k deposit. Only my opinion but you will still be asking for £30k credit with little history of your increased wage. COVID19 has i understand made some lenders more cautious. I would wait 6-9 months and then re-apply because multiple credit applications in a short space of time isn't going to do you any favours plus lenders may be a little more willing to lend when they know what damage COVID19 has done economically.

I also think the deposit is max of 35%ish so £10k down is fine

Yeah applied in February ish but I’m planning to pick a suitable model by July so that should be a healthy gap right? The reason of rejection wasn’t on the letter i got but I’m 90% sure it was the low income at the time

 

[Arashk998]

And fair play to those in their 20s! at 22 I was in a 200sx that was a pain in the d*ck at the best of times

I’m definitely rushing it into getting a muscle car with a PCP deal but it’s been my goal for 5 years to save up money and get one after i finish with uni specially before electric cars take over. As @Adam83 said i might have to be reasonable with myself and go for a cheaper used one

 

[Arashk998]

Agree you maybe far better to get a 2016ish one, I would look at Zopa for loans, I didn't quite have all the cash when I bought mine so borrowed some at 2.9%. Do you live at home? Weird question as 26k is a massive salary if you are at home but having rent or mortgege things are different, if you were to buy second hand its easier to move on than get out of a PCP too. Another point is if you are looking for a house having a big loan against you will also affect how much you can borrow.

Yeah live at home and no rent or intension of buying a house soon I’ll definitely look at Zopa for some quotes.

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