Car Credit
Apr 15th 2016, 2:33 pm
#1
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Thread Starter
Joined: Oct 2011
Location: San Diego, Ca
Posts: 333
Car Credit
Hi
We've been back in the UK for about 5 months now. My husband starts his new job in May. Our credit scores are excellent and we've had no problems renting a house etc.
However, when talking to the bank they advised if we apply for a car loan when he's only just started his job we will likely be stuck with a high interest rate given wages have not gone into our accounts in so long so we are seen as high risk.
Do you think if we went to a car dealer it would work in the same way or would it be more based on our credit score? How would the Finance company know about wages being paid in?
Im desperate for a car, pushing a double buggy everywhere is exhausting.
We've been back in the UK for about 5 months now. My husband starts his new job in May. Our credit scores are excellent and we've had no problems renting a house etc.
However, when talking to the bank they advised if we apply for a car loan when he's only just started his job we will likely be stuck with a high interest rate given wages have not gone into our accounts in so long so we are seen as high risk.
Do you think if we went to a car dealer it would work in the same way or would it be more based on our credit score? How would the Finance company know about wages being paid in?
Im desperate for a car, pushing a double buggy everywhere is exhausting.
Apr 15th 2016, 2:39 pm
#2
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 51,025
Re: Car Credit
A car dealer's financing departments are agents for the tied bank, and are therefor tied to broadly similar underwriting criteria. If they ask about your salary, income, and banking arrangments, it is prohibited a bad idea to not tell the truth.
If you need a car you need to work out what you can afford - the price of new cars in the UK is nuts. I never bought a new car when I lived in the UK, and my father also drove used cars almost his entire life - he only bought one new one, which was written off three years later.
If you need a car you need to work out what you can afford - the price of new cars in the UK is nuts. I never bought a new car when I lived in the UK, and my father also drove used cars almost his entire life - he only bought one new one, which was written off three years later.
Last edited by Pulaski; Apr 15th 2016 at 2:44 pm.
Apr 15th 2016, 2:49 pm
#3
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Thread Starter
Joined: Oct 2011
Location: San Diego, Ca
Posts: 333
Re: Car Credit
We are not looking for something brand new, just nearly new. We can afford a good amount for repayments so that's not an issue. I just don't want to be stiffed for 22% Apr when if we wait 3 months it'll go down to 4%. Equally I want a car as soon as we can get one.
Apr 16th 2016, 2:15 pm
#4
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Joined: Jul 2008
Location: My happy place
Posts: 3,043
Re: Car Credit
Originally Posted by Gillymonkey
We are not looking for something brand new, just nearly new. We can afford a good amount for repayments so that's not an issue. I just don't want to be stiffed for 22% Apr when if we wait 3 months it'll go down to 4%. Equally I want a car as soon as we can get one.
Apr 16th 2016, 2:24 pm
#5
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 51,025
Re: Car Credit
Originally Posted by Tr1boy
Can't you just get a runabout for cash until then, loads of cheap cars around now.
Apr 19th 2016, 2:57 pm
#6
Lost in BE Cyberspace
Joined: Feb 2009
Location: UK
Posts: 14,284
Re: Car Credit
Originally Posted by Tr1boy
Can't you just get a runabout for cash until then, loads of cheap cars around now.
