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Discussion Starter · #1 ·
I've just applied to the Scottish EST EV loan scheme. After I put in my ins and outs for the finance part, a screen flashed up for less than a second to say something about a credit check and the word successful but it was gone before I could read it and it wasn't referred to again.
I know when I have bought things like MacBooks and phones in instalments the credit check takes about a second so I am wondering if that was it?
I want to pay a deposit for a car and I am happy to do it and wait for the loan to come through but not if there is any chance at all I will be refused credit. I have a good credit score but I have never asked for such a large loan so not sure what will happen).
If the credit check is part of the online application I will be very happy as I can then pay the deposit and wait to hear. If however it is done in the up to three weeks it takes for the process to play out then I don't want to risk it.
I did try to phone today but they are so busy that they promised a call back in 'about ten minutes' and 9 hours later here I am! I don't blame them - they are rushed off their feet but for various family reasons I need a car sooner rather than later and it would be good to get a bit of inside knowledge from people who have been through this.
 

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I've just applied to the Scottish EST EV loan scheme. After I put in my ins and outs for the finance part, a screen flashed up for less than a second to say something about a credit check and the word successful but it was gone before I could read it and it wasn't referred to again.
I know when I have bought things like MacBooks and phones in instalments the credit check takes about a second so I am wondering if that was it?
I want to pay a deposit for a car and I am happy to do it and wait for the loan to come through but not if there is any chance at all I will be refused credit. I have a good credit score but I have never asked for such a large loan so not sure what will happen).
If the credit check is part of the online application I will be very happy as I can then pay the deposit and wait to hear. If however it is done in the up to three weeks it takes for the process to play out then I don't want to risk it.
I did try to phone today but they are so busy that they promised a call back in 'about ten minutes' and 9 hours later here I am! I don't blame them - they are rushed off their feet but for various family reasons I need a car sooner rather than later and it would be good to get a bit of inside knowledge from people who have been through this.
The application form was quite clear when I was completing it at what point the credit check was about to happen. I believe it happens online when submitting the form. I’ve heard others that got the maximum loan amount reduced at this stage of the application so if everything has gone through then I think you’re fine.

One thing to be aware of is the loan offer validity, once they make an offer (which as you say will be in up to 3 weeks) then you’ll only have 4 months to claim the balance. This is fine if you’re taking a car from stock, or there is a short lead time, but many new cars have lead times longer than 16 weeks.
 

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2020 Kia eNiro 4.
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That wee flash and success message was the credit check and you passed. Yay!

One thing to note is that the loan is for the basic price of the car less any part exchange so 'extras' like number plates, registration fee or delivery are not included also extra cost additions like metallic paint and any options you have specified are out as well.

My loan was for £28,000 and all through the process the amount remained the same including contract signing by the EST, car dealer and myself. I was a bit surprised to only get £27,480 with no warning. I had enough in the bank to cover it so no real problem. It took a couple of emails to get the explanation though.

My loan was processed during April to June when lockdown was in place and the EST were working from home. Password protected pdf's were used throughout. That included printing a copy, signing it, scanning the signed copy into the PC and emailing it back. The EST were in contact with the car dealer as well and this caused some delays when the car salesman had a holiday. No one else could do anything till he returned.
Hopefully you'll have a quicker and easier experience. Good luck.
 

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Discussion Starter · #4 ·
That wee flash and success message was the credit check and you passed. Yay!

One thing to note is that the loan is for the basic price of the car less any part exchange so 'extras' like number plates, registration fee or delivery are not included also extra cost additions like metallic paint and any options you have specified are out as well.

My loan was for £28,000 and all through the process the amount remained the same including contract signing by the EST, car dealer and myself. I was a bit surprised to only get £27,480 with no warning. I had enough in the bank to cover it so no real problem. It took a couple of emails to get the explanation though.

My loan was processed during April to June when lockdown was in place and the EST were working from home. Password protected pdf's were used throughout. That included printing a copy, signing it, scanning the signed copy into the PC and emailing it back. The EST were in contact with the car dealer as well and this caused some delays when the car salesman had a holiday. No one else could do anything till he returned.
Hopefully you'll have a quicker and easier experience. Good luck.
Thank you for your helpful response John. Yes, I will be careful to stick top the price quoted which is for the car as it is.
 

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Discussion Starter · #5 ·
The application form was quite clear when I was completing it at what point the credit check was about to happen. I believe it happens online when submitting the form. I’ve heard others that got the maximum loan amount reduced at this stage of the application so if everything has gone through then I think you’re fine.

One thing to be aware of is the loan offer validity, once they make an offer (which as you say will be in up to 3 weeks) then you’ll only have 4 months to claim the balance. This is fine if you’re taking a car from stock, or there is a short lead time, but many new cars have lead times longer than 16 weeks.
Thank you GBT, I will re read the info and see what else I missed!
 
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