Loan/credit limits on individuals

The_dogster

Recently I consolidated all my debt in a £23k loan with my bank. Things had gotten a little out of hand over the years and I had been living out of my means for a while.

I am now relocating to Scotland from London, and have also managed to secure myself a job that pays significantly more in the process. Coupled with the reduced housing costs this presents means I am now going to be significantly better off each month.

All great apart from one thing that my new job will require me to do quite a bit of travelling and a need a car that is not only reliable, but that looks good and creates the correct impression.

My question is that I will need finance for this car, and snooping around it looks like for someone who is not a homeowner I am already near the top scale for what is allowed.

firstly have I got that right, and secondly does anyone know if perhaps car leasing would be a good road for me to go down. Im guessing that as ownership of the car remains theres and can be recalled at any time that would a guarantee to them in the event of non payments.

If anyone can give me some advice round this it would be greatly appreciated.

Fiddlestick

The_dogster wrote: »

I am now relocating to Scotland from London, and have also managed to secure myself a job that pays significantly more in the process. Coupled with the reduced housing costs this presents means I am now going to be significantly better off each month.

All great apart from one thing that my new job will require me to do quite a bit of travelling and a need a car that is not only reliable, but that looks good and creates the correct impression.

My question is that I will need finance for this car, and snooping around it looks like for someone who is not a homeowner I am already near the top scale for what is allowed.

If you *need* this car for work as opposed to merely wanting it, can your new employer not arrange you a company car as a taxable benefit?

The_dogster

Company car not part of the package.

somethingcorporate

The_dogster wrote: »

Company car not part of the package.

How much do you earn?

If it's not upward of 50k you haven't got much chance of borrowing much more meaning leasing will be your only option unless you want to be crippled by high interest rates.

Apples2

Just an aside from the loan, I hope this job is what you think it is.

Most jobs which promise the Earth, but expect you to provide the image, seldom turn out to deliver what they claim.

Good luck to you but don't go getting yourself into more debt on little more than a promise of future wealth.

The_dogster

somethingcorporate wrote: »

How much do you earn?

If it's not upward of 50k you haven't got much chance of borrowing much more meaning leasing will be your only option unless you want to be crippled by high interest rates.

Yeah, my new salary will be £52k a year basic with some flexible benefits and yearly bonus to add on.