Can I get a new car finance agreement if I successfully reclaim mis-sold car finance
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:
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.