Yes, in most cases, successfully reclaiming mis-sold car finance won't prevent you from getting a new car finance agreement in the future.
Here's a breakdown of the situation:
However, there are a few things to keep in mind:
Here are some steps you can take to improve your chances of securing a new car finance agreement:
Additional resources:
We recommend speaking to a financial advisor for personalised guidance on your situation.
Here's a breakdown of the situation:
- Mis-selling doesn't impact your creditworthiness: A successful mis-selling claim shouldn't negatively affect your credit score. This is because mis-selling is about the way the car finance agreement was presented, not your ability to repay the loan.
- New lenders consider your financial situation: When applying for a new car finance agreement, lenders will assess your current financial situation, including your income, outgoings, and existing debts.
However, there are a few things to keep in mind:
- Outstanding balance on the mis-sold agreement: If you haven't yet settled the original mis-sold agreement, you might have an outstanding balance to pay. This could impact your ability to get a new loan with favourable terms.
- Timeframe of the mis-selling claim: If your mis-selling claim is recent, lenders might be cautious until the situation is fully resolved.
Here are some steps you can take to improve your chances of securing a new car finance agreement:
- Wait until the mis-selling claim is settled: This demonstrates to lenders that the issue is resolved.
- Ensure a healthy credit score: Maintain good financial habits to keep your credit score in good shape.
- Shop around for lenders: Compare rates and terms from different lenders to find the most competitive deal.
Additional resources:
- The Financial Conduct Authority (FCA) has information about car finance on their website: https://www.fca.org.uk/consumers/car-finance-complaints
We recommend speaking to a financial advisor for personalised guidance on your situation.
