Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Gonnaenodaethatnow
    • By Gonnaenodaethatnow 20th Sep 16, 9:46 PM
    • 2Posts
    • 1Thanks
    Gonnaenodaethatnow
    Would I be able to get credit to buy a car?
    • #1
    • 20th Sep 16, 9:46 PM
    Would I be able to get credit to buy a car? 20th Sep 16 at 9:46 PM
    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!
Page 1
    • bazzyb
    • By bazzyb 20th Sep 16, 9:59 PM
    • 856 Posts
    • 2,619 Thanks
    bazzyb
    • #2
    • 20th Sep 16, 9:59 PM
    • #2
    • 20th Sep 16, 9:59 PM
    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?
    Originally posted by Gonnaenodaethatnow
    Yes. You will have to buy a cheaper car or save up for one.
    • foxy-stoat
    • By foxy-stoat 21st Sep 16, 9:18 AM
    • 1,076 Posts
    • 606 Thanks
    foxy-stoat
    • #3
    • 21st Sep 16, 9:18 AM
    • #3
    • 21st Sep 16, 9:18 AM
    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 lucks
    • Gonnaenodaethatnow
    • By Gonnaenodaethatnow 21st Sep 16, 7:31 PM
    • 2 Posts
    • 1 Thanks
    Gonnaenodaethatnow
    • #4
    • 21st Sep 16, 7:31 PM
    Hi
    • #4
    • 21st Sep 16, 7:31 PM
    Thank you for your answers! I might just buy a slightly cheaper car for now and avoid the hassle.

    Cheers
    • 27cool
    • By 27cool 22nd Sep 16, 1:31 PM
    • 38 Posts
    • 20 Thanks
    27cool
    • #5
    • 22nd Sep 16, 1:31 PM
    • #5
    • 22nd Sep 16, 1:31 PM
    Thank you for your answers! I might just buy a slightly cheaper car for now and avoid the hassle.

    Cheers
    Originally posted by Gonnaenodaethatnow
    I've always found that avoiding hassle is generally a good thing.
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,966Posts Today

6,744Users online

Martin's Twitter
  • Today's twitter poll: What proportion of your usual monthly spending do you do in cash (ie not plastic, bank transfer, cheque etc)

  • RT @GemmaRobyn: @MartinSLewis my parents earned +£50k but it didn't mean they could afford to help. I worked 2 jobs at uni to get by. Why b?

  • RT @JackieMutlow: @MartinSLewis @GMB Daughters loans not enough we pay 2 months rent a year (2x £410) AND £250 a month for food, train etc?

  • Follow Martin