I have my beater a VW Bora which I bought on VW finance about 2 years ago.It's a W reg.The back axle has severe probs so I was offered a Y reg Golf diesel.VW are saying they won't finance it because of its age.Is this standard or am
I being told a porkie.So my VW garage is saying I need to buy something younger.Anyone in the finance world?Thanks.

 

Get finance from someone other than VW?

 

If you're going for PCP, then tat might be right.

But as above - I'd be shopping around....

 

At that age it's probably a part ex they want to shift on.
Normally they would just chuck it to an Auction or sell it for cash.

I'm going to guess that the margins on financing a Y reg Golf aren't worth their effort to do.

 

Thanks for your replies.Bit of a headache really.Apparently it's the age and value of the Golf that is blocking finance with VW finance, having been up to the garage this a.m.They're also saying at the garage that credit ratings are negatively affected by the number of finance companies you try, which seems a bit absurd to a Joe Bloggs like me.It's not as if I am being refused because of me,rather because of the car.Anyway....thanks again.I'm not as flush as some!

 

Have you approached your bank (or any other bank or lender for that matter) about a personal loan, secured against the car?

If you have a proportion of the cost covered they may well be able to offer you something, it could be better than the manufacturer's scheme.

 

IIRC finance houses won't HP a car that is more than 10 years old, this includes a car that will be become 10 years old during the term of the agreement (I had this problem when I bought my S).

 

Banks will probably wanna buttfarq you with a broken bottle over the interest rate too - they are a CWOT.

What about a 0% credit card cheque from MBNA or someone? Play your cars right & 3% handling fee works out around 7-8% apr.