Would I be able to get credit to buy a car?
Gonnaenodaethatnow
Posts: 2 Newbie
in Loans
Hi everyone,
Just a little question about buying a car. I moved to the UK from an EU country (NL) about 10 months ago and want to buy a second hand car. I have been working full time in an office since I arrived.
A car salesman told me the other day they would not let me pay off a small amount on a car (about 4K) on credit because I have to be in the country for at least 3 years to be considered for credit. Is this correct? (Hope not..)
Do you think I would be able to get credit in another shop? Also, if I do get credit somewhere else would these payments help build my credit rating if I want to buy a house later on?
Thanks!
Just a little question about buying a car. I moved to the UK from an EU country (NL) about 10 months ago and want to buy a second hand car. I have been working full time in an office since I arrived.
A car salesman told me the other day they would not let me pay off a small amount on a car (about 4K) on credit because I have to be in the country for at least 3 years to be considered for credit. Is this correct? (Hope not..)
Do you think I would be able to get credit in another shop? Also, if I do get credit somewhere else would these payments help build my credit rating if I want to buy a house later on?
Thanks!
0
Comments
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Gonnaenodaethatnow wrote: »A car salesman told me the other day they would not let me pay off a small amount on a car (about 4K) on credit because I have to be in the country for at least 3 years to be considered for credit. Is this correct?
Yes. You will have to buy a cheaper car or save up for one.0 -
Take the advice of the above poster......if you do manage to get offered credit, you will probably end up buying a £2000 car for £8000. £2000 on a private sale with a screen price of £4000 - then after you add up the total payments with the huge interest the total amount will be close to £8000.
I would buy a cheaper car and drive that while you build your credit history up - get a credit card (vanquish or Capital One seem to offer cards to anyone at 30-40% interest) and buy your fuel on it and clear it every month, after a year cancel it and get a main stream card and use that sensibly - you may be able to get a loan then at a reasonable rate and buy your £4000 car on a private sale.
You will need credit history AND a good deposit to buy your home - so depending on where your living you will need £15,000 - £40,000 cash saved up.
Good lucks0 -
Thank you for your answers! I might just buy a slightly cheaper car for now and avoid the hassle.
Cheers0 -
I've always found that avoiding hassle is generally a good thing.Gonnaenodaethatnow wrote: »Thank you for your answers! I might just buy a slightly cheaper car for now and avoid the hassle.
Cheers0
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