New in the country but need loan to buy car

mohan.ankur

Dear All,

I am kind of 7 months old in the country. I recently got a full UK driving license. I am in a full time job with salary in the range of 50K-60K.

I am looking to buy a car, but I am not able to get finance from any company here in the UK. I mean everybody wants me to be here for at least 3 years to give me a car or a personal loan.

Can anyone here suggest if I can get a loan somehow with a rate which is not extraordinarily unreasonable.

I have a current account. I am about 35.

Thanks

ch3101

If someone came into my bak and didn't know what age they were there is no way in hell they'd be walking out with a loan agreement.

The banks want to know that you're not going to take their money and go back home. Hence they want to know that you've been in the uk for a long enough time to show that this is your new home and are unlikely to leave.

With your salary of >3k a month, surely you can save a bit and buy a cheap runaround?

worried48

Just get something cheap that you can afford next payday!

spacey2012

If you are earning £60k what do you need a loan for ?

claret_mike

I have seen someone suggest car hire as an option. You can get hire cars for 6 months without credit check but you need to insure. You pay a little bit more but if you need a car and you cannot save up on 50-60k salary then a loan may be a bad idea for you anyway?

JimmyTheWig

spacey2012 wrote: »

If you are earning £60k what do you need a loan for ?

Presumably they need a car _now_. Having a large salary doesn't mean you have a large bank balance, especially if you haven't been earning that salary for very long.

But yes, OP, I agree with the others. Buy a car that you can afford and start saving up for the car that you want.

fart

JimmyTheWig wrote: »

Presumably they need a car _now_. Having a large salary doesn't mean you have a large bank balance, especially if you haven't been earning that salary for very long.

But yes, OP, I agree with the others. Buy a car that you can afford and start saving up for the car that you want.

What, does OP get paid yearly?

Also OP, take the advice given in the second paragraph - save up and buy. Why do you want to pay £25k for a £15k car?

JimmyTheWig

fart wrote: »

What, does OP get paid yearly?

I doubt it, but even at that salary level it would be difficult to buy a car from a single month's pay packet, after you take into account tax, living expenses, etc.

HappyMJ

fart wrote: »

What, does OP get paid yearly?

Also OP, take the advice given in the second paragraph - save up and buy. Why do you want to pay £25k for a £15k car?

How much interest? I just borrowed £15k and it cost me £45 per month in interest...£2,700 over the 5 years of the loan.

AFK_Matrix

But they have been here 7 months so in theory should have something saved up to buy a cheap car to get by with. Guess not though if they are wanting a loan.

fart

HappyMJ wrote: »

How much interest? I just borrowed £15k and it cost me £45 per month in interest...£2,700 over the 5 years of the loan.

It was an extreme example to highlight the fact that it's going to cost you way over what the car is worth...you have to take into consideration that while you're paying more than it was worth when you bought it, it's currently losing £'s for every single mile you put on it and every day that passes.

Also car finance and personal loans are different things. With a bad credit rating interest rates can soar on personal loans.