Am I likely to get car finance/loan?

Zach2k

gb12345 wrote: »

What makes the NHS any more secure than other employers? They are making people redundant at the moment.
.

Last year the employment for newly qualified doctors was 100% and very rarely goes below 98% for all doctors. They are getting rid of a lot of managers and other staff, perhaps that's whats you read.

gb12345

Zach2k wrote: »

So a 15k loan is [STRIKE]likely[/STRIKE] possible with 31k salary?

More accurate

Clive_Woody

Have a chat with some medics who qualified in the last couple of years, there always used to be a variety of loans available to newly qualified medics and they may be able to point you in the right direction.

When I was doing my PhD I shared a house with a number of medics, several of them took loans for cars upon graduation.

Another option to look at is a new car on a 0% finance deal such as Skoda is doing but you will need a substantial deposit for this option or a car to part-ex.

jamiefly

Clive_Woody wrote: »

Another option to look at is a new car on a 0% finance deal such as Skoda is doing but you will need a substantial deposit for this option or a car to part-ex.

Or a lease deal via an intermediary, I very recently leased a brand new Mercedes Benz SLK 250 AMG Sport for 3+23 monthly instalments of £300 at 10k miles per annum. Came from a main dealer and their finance division is very good.

It'll raise a few eyebrows in the car park amongst senior staff

R_P_W

So as soon as you get your first pay day you want to borrow more than 50% of your salary? smart!

Zach2k

R_P_W wrote: »

So as soon as you get your first pay day you want to borrow more than 50% of your salary? smart!

I've got a warden position at the uni I am at. Which means I have no rent or bills. My monthly expenses are 300 odd a month total which means after tax I'll have close to 2k spare per month on my starting salary.

Also as mentioned I'd hope to get it over 5 years during which the average salary would be 60-70k. I dont feel a 300-400 monthly payment over that period would wreck my finances.

Zach2k

jamiefly wrote: »

Or a lease deal via an intermediary, I very recently leased a brand new Mercedes Benz SLK 250 AMG Sport for 3+23 monthly instalments of £300 at 10k miles per annum. Came from a main dealer and their finance division is very good.

It'll raise a few eyebrows in the car park amongst senior staff

Do you know what the requirements for a deal like that? In terms of work history, salary etc

eschaton

OP - if you have little outgoings and a quickly rising salary then why not save up - or do you just want to show off in the car park?

As much as your job might be secure compared to many - an act of gross misconduct will see it disappear quite quickly.

jamiefly

Zach2k wrote: »

Do you know what the requirements for a deal like that? In terms of work history, salary etc

My job history is chequered and their finance form for Pre-approval of a credit line is vague, not asking salary and I guess a basic credit search is conducted and therefore about as difficult as obtaining a hire car for the weekend.

It's so easy although I suggest you start paid employment before you consider this route.

NeverEnough

Zach2k wrote: »

Hi,

I'm 30 years old. Having graduated and worked a few years back, I went back to studies to do medicine and due to qualify this summer. I've pretty much got a guaranteed job as an NHS doctor from this summer (starting salary around 31k). I've not had a job for the last 5 years being at medschool.

I'm a bit tired of driving bangers now.

If I was to apply for a cheeky 20k car loan/finance as soon as I started working, what are the chances I'd get it?

I've had a 3 loans taken out in the past (ranging from 3000 to 6000) with no repayment problems, though I'm still in the process of paying one of them back. No credit problems as far as I am aware.

Thanks for any advice/opinions.

OP, I'm a Consultant not a newly qualified medic and would hesitate to apply for finance for a 20K car..........I have also been made redundant from a senior role in the past and the Trust I currently work for are looking at halving the number of senior posts, so its not a job for life any longer.

I think you may need a longer period of being on a reasonable salary in full time employment before being approved for a loan of more than half your salary as a FY1 doc. Personally, I would not want to loan more than half my salary for a car which will lose value rapidly anyway.

The BMA do have a finance division with car leasing at very good rates to doctors who are members, it may be worth taking a look.