Car Credit - Asking for 3 months bank statements

iNVADER84

I've applied for credit with Ford Credit on nearly new car and they have come back asking for 3 months of bank statements, which have been faxed over.

Sadly, it was late Saturday so they have now closed for the weekend and won't know til Monday.

I was wondering why they need the bank statements really as I have never experienced this before when applying for credit?

The only other thing I worry about is that, I moved jobs this month and my new wage, whilst nearly £1000 a month more than my old job, hasn't been paid yet so won't be on the statements if they are looking for earnings. My old wages are shown but the last payment from them had a chunk taken out because they took a 'benefit in kind' purchase back out, leaving me to use my overdraft heavily this month. Does this sort of thing get looked into? Will it scupper my plans? They never asked for my new salary, but do know I have a new job.

Please let me know, it's not so much impatience as liking on understand how the process works.

geoffken

Well what do you think.
You are using your overdraft and having just started a new job have NO security for 2 years.
Did you advise them of your new job.
Would you lend to somebody on those facts.
Better buy a banger for a year then when you feel secure try again.

iNVADER84

They were advised of my new job yes and I explained the shortfall for this month. Up until now, I've barely touched my overdraft.

The money paid before would have covered the costs either way.

My main reason for asking was for the process; what is the reason they ask for bank statements?

mcjordi

the statements show your income.. to back up what you said on the application form

poppasmurf_bewdley

They're checking up to make sure you told them the truth.

If you're buying a nearly new car, then you're not borrowing a few hundred quid. They have to check everything carefully before handing over a sizeable sum.

iNVADER84

Thanks for the feedback. It's been hard locating similar situations to look into on the wider internet. Very understandable in this day and age of course to prevent fraud.

rajarr

I work for a finance company and bank statements are usually asked for to check affordability, as well as checking how the account is run they are looking for not always overdrawn no bounced payments or any recent payday loans which would indicate financial hardship. If you explain your circumstances however with regards to your new job I'm sure they will take this into account