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Car finance for contractors

Car finance for contractors

Old May 24th 2011, 5:35 am
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Default Car finance for contractors

My husband has been IT contracting for the last 17 years. He has a 6 month contract for a mining company but all they do is contracts in 6 month increments, which is fine by us. But we were hoping to buy a new car and not clear out all of our savings considering the exchange rate. He has been talking with a car broker that was recommended my a friend of his and she in turn spoke with a finance broker and they said they won't even consider him given that his contracts will only ever be in 6 month increments and it is too much risk. They actually told him to go back to his employer and ask for an extension. They obviously don't understand how contracting works. He has been told this position will go on for several years but of course they cannot guarantee that.

Does this sound right? We have had large mortgages before with only contracts with 6 months guaranteed work. Would it be better to speak directly with a dealer or are we going about this the wrong way?
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Old May 25th 2011, 1:10 am
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Default Re: Car finance for contractors

Originally Posted by PunkDebutante
My husband has been IT contracting for the last 17 years. He has a 6 month contract for a mining company but all they do is contracts in 6 month increments, which is fine by us. But we were hoping to buy a new car and not clear out all of our savings considering the exchange rate. He has been talking with a car broker that was recommended my a friend of his and she in turn spoke with a finance broker and they said they won't even consider him given that his contracts will only ever be in 6 month increments and it is too much risk. They actually told him to go back to his employer and ask for an extension. They obviously don't understand how contracting works. He has been told this position will go on for several years but of course they cannot guarantee that.

Does this sound right? We have had large mortgages before with only contracts with 6 months guaranteed work. Would it be better to speak directly with a dealer or are we going about this the wrong way?
Most contractors are on 6 month rolling contracts so I would assume some brokers would understand this, maybe a good idea to look around or even consider your bank in Aus for a car lone using your UK savings as collateral.
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