Going back to the UK - financial help please!
 

Hi everyone!

Well both my wife and I are returning to the UK in July after 4 years here in Washington DC. We've enjoyed the lifestyle but now unfortunately circumstances at my work place now mean a return to the UK.

We are already looking for new jobs in the UK and hope to hear from employers soon. However, if we dont get any offers before we go back in July we will be jobless!!!

We are desperate to take our car to the UK with us but unsure about the finance issues and registering issues etc... I guess we would need to pay off the current loan here by getting a UK loan right? Just confused! And so the next question is how can we get a loan if we have no job yet!!! AHH! Vicious circle! lol

Any help from you experst would be greatly appreciated. Could be a busy couple of months I think!!!!

Thanks everyone!

Dave:)

Re: Going back to the UK - financial help please!
 

hiya dave and welcome to BE :)

can't help on the finance side however maybe check out www.dvla.co.uk for registering info.

might be a good idea to keep trying your luck with the lotto before you go ;)

good luck with the move.

Re: Going back to the UK - financial help please!
 

:confused:

des·per·ate (dĕs'pər-ĭt) pronunciation
adj.

1. Having lost all hope; despairing.
2. Marked by, arising from, or showing despair: the desperate look of hunger; a desperate cry for help.
3. Reckless or violent because of despair: a desperate criminal.
4. Undertaken out of extreme urgency or as a last resort: a desperate attempt to save the family business.
5. Nearly hopeless; critical: a desperate illness; a desperate situation.
6. Suffering or driven by great need or distress: desperate for recognition.
7. Extremely intense: felt a desperate urge to tell the truth.

Re: Going back to the UK - financial help please!
 

Thanks! Especially for the above post :p

I just bought a nice GT Mustang and we want to take it back with us. No harm in that right? :)

Thank for the link too - site seems to be down at the moment though :(

I'll try the lotto too!!!! :D

Re: Going back to the UK - financial help please!
 

Why not save the dosh and buy a nice Jag at the other end - once you can afford it, obviously :)

(BTW, your header is tad misleading... :ohmy: )

Re: Going back to the UK - financial help please!
 

this should work http://www.dvla.gov.uk/

Re: Going back to the UK - financial help please!
 

Just a few observations:

From previous posts, I think it will cost you about $1,000 to ship the car.

Depending on how long you've had it you may have to pay VAT (think you must have it for 6 or 12 months to avoid VAT.

Will also have to arrange for modifications to meet EU car regs.

IMHO, you're making a rod for your own back. May be jobless but want to set up a loan for a nearly new car? I wouldn't if I were you no matter how disparate you are to keep it. If it's LHD and you end up unable to make the payments, it may not be easy to sell.

Re: Going back to the UK - financial help please!
 

Why put more financial pressure on yourself?
You wont get a UK loan unless you reside in the UK, the car is already financed so you will probably get stung from the finance company for settling too early, it will cost quite a bit to import it to the UK, it will cost you to re-register it and mod it to EU regs as 'Dunroving' pointed out, you may have to pay VAT or similar, it will be much harder and more expensive to insure, higher TAX, very juicy I expect and a lot harder to get parts for.
Although it may be your pride and joy, it is only a lump of metal, albeit a nice lump. Just put it down to I've been there done that and had one, then sell it.

Re: Going back to the UK - financial help please!
 

I know this isn't what you want to hear but everyone can't be wrong....If you take a Mustang GT to the UK you'll regret it for every reason...running and spares will cost more than you imagine, insurance on a LHD import will be laughable and shipping will be the final nail...sell it now and take the money and run ( believe it or not they've just started playing that on the radio..how spooky do you need it to be.)

Hope you enjoy the UK again...it is possible.
Good Luck.

( By the way if it was a Buell or a Harley I'd say take it....)

Re: Going back to the UK - financial help please!
 

Having previously worked for a finance company in the UK I think you'll struggle to finance it this way - they don't like imports and as stated above insurance, parts, servicing etc will cost you loads in the long run. In addition a Mustang is not really suited to British roads as there are bends and corners:D

Seriously though you would need to finance it via a normal loan - with your lack of UK credit history you will be lucky to find a lender early on and if you do find one you will be paying a premium on the interest rate to compensate for the 'perceived risk'. Not having income will take you out of the standard lender ball park.

The UK is undergoing a credit squeeze at the moment as impairment levels continue to rise - this always results in tighter underwriting and restricted lending policy. As I said, you'll always find someone ready to lend you money but just be prepared to pay a premium for the priviledge - that Mustang will cost you a lot in the long run.:(

Re: Going back to the UK - financial help please!
 

A friend of mine worked / lived in Japan for three years and then returned to the UK. He bought an Upholstery cleaning Franchise which he paid cash for, but tried to finance the Peugot Boxer Van, worth about £8k. He could not find anyone to lend him the money as he had been out of the UK for three years and had no current finance record. He even owned his own house here!

Re: Going back to the UK - financial help please!
 

I can appreciate how much the OP want to keep his car but your options seem pretty limited.If you don't have a house you are about to sell funds from which to use to pay off your vehicle.

Then your only other option is to find a international bank that is located in both the USA and UK that will allow you to refinance the car and ship and pay it off from the UK.

I would check to see what type of penalty there might be in bringing back a car from a foreign country.I know you like your car but if this does not happen,the opportunity to buy a Mustang years from now will be there.

Re: Going back to the UK - financial help please!
 

Forgot to mention, not only will you pay the shipping and VAT already mentioned, you will have to pay import Car Tax, the import shipping agent and probably for an SVA Test to show it adheres to European regulations.

So as everyone says, the odds are against you ..... do the sensible thing :D