I want a new car! Advice please.

kaywantsapug

Didn't know where to put this sorry.

What would I need to be able to get a new car on finance? The amount that they say you pay every month, does this go up?

I am hopefully going self employed within the next few weeks so do you have to produce something different than wage slips? If I wasn't self employed what would I need to produce other than wage slips?

Any advice would be appreciated. I haven't a clue where to start with anything like this and I'm a bit scared to go into a car sales incase I get jumped on and roped into something that isn't what it seems.

Realbairn

Don't know what you need to provide if self employed, but if you go to one of the car sites you may get more info there. I know toyota gives you their deals online which breaksdown what deposit you need and how much you'll pay per month, it will at least give you an idea. As far as i'm aware the payments stay the same however if its one of the deals you owe a balance at the end then it may change. You can at least then compare it to a loan rate. Hope this helps

Eric_Pisch

they will check your current credit rating to make sure you are suitable

in theory they can ask for your accounts if your self employed to back up your income, however i have never had to do this as i pass the credit check, i don't even volunteer the information that i am self employed, it may be different if you are vat registered

you will normally have to pay a deposit upfront which is often the monthly rental times 3

the amount you pay is dependant on the interest rate they charge, the value of the car and how long you have the car over, 3 years normally works out the best for value

becareful with getting one direct from a dealer as they are often expensive, make sure that you know if any quotes include VAT or not, easy to get caught out on it

ling offers some very cheap deals

http://www.lingscars.com/

Nile

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ilovebanksMCMLXXXI

Hi

Whilst car finance is not a lot different to a bank loan and credit scoring will take place you will find that most vehicle funders are just as keen on making sure you can afford to repay the loan.

Your wage slips could say you're a Medical Consultant earning £10,000 per month but if your outgoings are £11,000 you can afford it - on paper.

So in short, they will want to see bank statements and also proor of address (probably not required if you're registered to vote).

Also, my advice would be to do this before you go self-employed because if you fill out your application with "I'm self employed and have been for one month" you are going to be seen as a big risk.

Again, it's what is on paper that counts when it comes to finance underwriting.

One final point; not all car dealerships are full of rogue traders who will try to rope you into any old deal for a sale - My advice would be to go to a little family run dealership (satellite branches) and explain your position.

Best of luck