Switching Jobs & Credit Rating.

sarathi_2

Hi,
I have been following MSE for over 4years now, but this is my first post.
So here is my query.
I have been working with my current employer since June 2007.
I have recently been offered a job with another employer with a better pay.
But my current employer provided me with a car which I will have to hand back, when I leave them.
I now intend to buy my own car (used) within 10-11K on a loan.
I have been told by some that I should do it while I am still employed with my current employer (where i finish this month) as a new job may effect my credit rating & I may find it difficult to get a loan / may not get a good rate on a new job.

Does anyone have any suggestions / experience in this ?


Many Thanks,
Sar.

happycamel_2

Is there any reason why you need to spend £15k+ on a car (which is what it will be after you've paid interest). Why not buy a cheap car from your savings then save up for a better one if that's what you want?

A new job won't affect your credit rating per se but you may be asked whether you are in a probationary period and it would be fraudulent to lie.

SeanG79

Many vehicle finance lenders will look to have a minimum 1-2 years at your current employment and some insist on a job check as a condition of finance.

Ultimately it will come down to how strong your credit profile is in the eyes of the lender as to the conditions they impose. It however is definitely more favourable to be able to state 5 years at current employment as opposed to 1 month...