New job. New car??

Lstewar206t

Hello everyone!

I'm reasonably new to the site, and need some advise.

I'm 21 and have been travelling the last few years, after leaving school, I have had a few odd jobs but nothing important or long term. I finally decided I was finished travelling and planning on getting a job and focusing more on getting a house, morgage ect.

I just got a job in a bank, and start next month, but it's a bit far travel wise and I need to get a car, I have no spare cash, so really looking to get one on hire purchase. My credit is good, as I don't have any credit but will they take me? As I'm looking to get the car either before I start or 1st month in? - does anyone work in the industry, can help me out. It's not an expensive car roughly £3,500 and I should pay it off in about 18 months as I'm on a good wage, just don't want to try and get declined.

Any help??


Thanks for reading anyway. Xxx

CKhalvashi

This is probably not what you want to hear, but I'd say that with no current job, the answer will be no.

I sold a car last week for £500, so could you ask to borrow the money from parents, buy a cheaper car, and pay them back in shorter space of time?

CK

opinions4u

Your new employer may provide an interest free travel season ticket loan or a reduced rate car loan.

Once you're an employee.

pauletruth

with no credit. do you have a good credit record. plus no job at the moment. i would say little chance.

chanz4

and hes going to work for a bank.....

opinions4u

chanz4 wrote: »

and hes going to work for a bank.....

Looks a good fit!

Lstewar206t

chanz4 wrote: »

and hes going to work for a bank.....

What do you mean by that??

pauletruth

they are suggesting that if you don't know that you can't get loans without an income(not future). Failing to know that zero credit is not a good credit history. then the banking sector will need to teach you lots.

to be honest either get public transport until your settled in your post. who know you may not like it. then buy a cheapy car for a year or two. before getting any credit. you need to start getting simple credit and making sure your paying it off on time. make sure your registered to vote.

when you have been working for a while your bank that your going to work for may have a cheap deal.

Enfieldian

Instead of "New job, new car" think "First job, first car"

Sub £1000 will be enough to get you a runner.

Dimey

Even though you don't owe any money you don't have a record of taking credit and paying it back without defaulting. If you haven't got a credit card, you could get one once you're employed and pay it back IN FULL each month (so no interest to pay). That way you start to build a credit history.

I'd not buy a car over £1000 - £1500 on credit until I was a year into the new job, to make sure the job works out and income is as assured as it can be these days.

If your parents could lend you the money with a payment plan then it would be safer to do that for a while till you've built your credit history and become secure in the job. If you do have to get a loan for say £1000, the repayments will be more manageable if - God forbid - you lose your job.

Your new employer will probably have subsidised loan facilities when you're ready.

So glad you travelled before working. What an exciting start to your adult life and well done on getting the job.

worried48

Another thing to consider is that the insurance costs will be very high. I wouldn't even look for a car until you are actually established in the job. Then, as has been said, get something cheap. Jobs are not secure these days.