Here’s the deal, got a credit agreement through my lbs, owe £200 on it. Want to get a new bike with them but a large part on credit until I sell my bike.

Question is if I pay off the current credit agreement am I more likely to get a further credit agreement with them?

Cheers

Ash

Is the current credit through a finance house (Black Horse etc)? Or just with the lbs.

If the former your total debts are assessed against your income and your credit “worthieness”. So £200 outstanding should make little difference either way (ie the original loan value isnt used). If you’ve paid the repayments so far on time: that will be a big plus on your record.

200 quid will make no difference if you’ve been a good boy paying on time.

In essence the more track record of being a trustworthy sort who pays his debts, the happier they are to lend.

No track record, probably isn’t as bad as a poor track record but… Well you get the gist.

That said they don’t like seeing people borrowing too much at one time these days. Well not the reputable lenders anyway.

It’s through ezi pay, so yeah made payments on time, but they won’t let you take another agreement whilst you have (I didn’t know that you couldn’t do that) so have to pay off the current one to get the new one.