0% car finance deals for unemployed - is it possible?

Print_Screen

How about a compromise. Get an older decent car, maybe an old Merc that can run on veg oil. Then you don't have to blow 10k on it and you don't have to get a banger as you will have more cash than the average punter for such a car but will save on fuel costs

maninthestreet

Is this a wind-up? Unemployed person wats 0% credit to upgrade to a 'nicer' car???

Lum

maninthestreet wrote: »

Is this a wind-up? Unemployed person wats 0% credit to upgrade to a 'nicer' car???

Read the thread again..

They have a load of savings and are taking a career break to go and have some fun.

Geralt

thanks for the advice itt. And no, this is not a wind up. As I said in a previous post, I'm in a fortunate situation whereby I currently don't need to work.

As to what experian has to do with this, well I came here asking for help (obv because I don't know the answer myself) and just throwing some info out that I've got a near perfect credit score - thats from having multiple credit cards for well over 8 years and have always paid off (in full) on time. And I have no outstanding debts.

Just because I currently don't have a job, doesn't mean I can't afford any such luxuries, such as upgrading my car. Also, with my previous credit history imo I'm probably a much less of a risk than alot of people who currently have jobs.

The whole point of this thread was to entertain alternative options with regards to purchasing a car on a good finance deal, despite the social stigma of being unemployed.

So what of those people who are currently retired, and have lots of savings? Are they treated the same, and expected to cough up a lump sum? Or does a pension get considered as a regular income?

Geralt

maninthestreet wrote: »

Is this a wind-up? Unemployed person wats 0% credit to upgrade to a 'nicer' car???

Not everyone who is unemployed is a poor bum as you seem to imply.

Some people are lucky enough not to have to work.

Some people are taking gap years/breaks in their careers.

Some people have worked, saved hard and are currently studying.

Some people might have taken voluntary redundancy and received a huge payoff.

Theres many examples of people who are unemployed, have sufficient savings and can afford to live.

Allan.manta90

Most will agree that cash is king. Most will also admit however that they don't have the means to do this. This leaves one option, a car loan. There are a number of different options and ways to approach financing your dream car. The one that's best for you will depend on your particular needs. If there's someone in your family that has the means to lend you money to finance your car, it may be a good option to consider. You will most likely be able to negotiate the terms of the loan to a much greater degree than you would through a bank or dealership.

chieffy72

I work as a new car salesperson for Ford. It's unlikely that if we put "unemployed" on a finance application that it would get passed. Housewife/homemaker/pensioner/retired would be better.
0% finance is the biggest blag in the industry,you'd be much better off paying cash upfront. I would also say don't expect massive discounts for cash,for a dealer it's preferable you take finance as they'd usually get finance commission,every deal for the dealer is a cash deal cos the finance company pays them immediately anyway.