Car Finance

dtoughill

My son started work 2 month ago, and decided since he was earning to try and get a car. He applied for finance through Peter Vardy (Black Horse), and was turn down. He has never had credit, and his Experian Credit Rating was excellent. I presumed it was because of the time in his job. Are there any other car finance companies, who may take a different view of his length in employment, as he earns a good wage for a 19 year old?

BugsyBrowne

It will be very difficult to be accepted for car finance with No history whatsoever of paying back what you borrow therefore you'll be seen as high risk.

Also take no notice of Experian scores as they are meaningless as you've found out giving your son an excellent score without him having any credit history.

forgotmyname

Whats good money for his age? What figure is he looking to borrow?

Maybe just too high a percentage of his earnings?

Apples2

Why not wait until he has been working for more than 6 months?
He is most likely in a probationary period within which they can let him go with no notice or payout.

What is his plan if he gets accepted for HP but then his work place let him go?

DCFC79

Tell him to save up for one.

CLAPTON

dtoughill wrote: »

My son started work 2 month ago, and decided since he was earning to try and get a car. He applied for finance through Peter Vardy (Black Horse), and was turn down. He has never had credit, and his Experian Credit Rating was excellent. I presumed it was because of the time in his job. Are there any other car finance companies, who may take a different view of his length in employment, as he earns a good wage for a 19 year old?

how much does he want to borrow
what is his salary
how much is his deposit
is he on the electoral roll

adenuf777

At 19 with no history of credit, still living at home and first job your son will score poorly on the initial credit score. I doubt the finance company even followed up with a credit search.
How long has he had a bank account?
Does he have a contracted mobile phone?
Does he have a debit card on his bank account (not just an ATM card)?

Cash-Cow_3

I bought a car when I was his age and it was the biggest mistake I ever made. Paying for a car 3 years down the line along with expensive insurance was just a complete waste. I didn't NEED a car I just wanted one. And that was my mistake. 30 years later I still think about the moment I signed the credit agreement. I learnt a lesson which helped me since then.

So think carefully and consider if this is money well spent.