Car allowance but bad credit

andylong42

Hi,

I currently have a fully financed company car. I have been offered a new job, but have instead been offered a car allowance. I have had a company car for over 10 years so havent had to look at car finance or leasing.

My issue is that I have a very poor credit rating and will not be able to get credit through the usual means.

The new job would be a jump in pay and therefore put me on my way to hopefully sorting finances out.

Are there any options open to me? I can't go to a new employer and say I can't get a car on credit.

Any advice would be much appreciated.r

DCFC79

Why not look at hiring a car ?

ghostfinder

In the same boat as you andy.

would love to opt out but have no chance for a while.

good luck

andylong42

Hiring would be incredibly expensive and not really an option. This would be great if I had a car, but I will have to give up my current car obviously when I hand my notice in. The new car allowance is £350/month so anything over that and I'm starting to lose out.

MisterBaxter

I would have thought you could get something reasonable on a lease for £350 a month depending on the sort of mileage you are expecting to do but wouldn't the poor credit issue be a problem with leasing in the same way it is with a loan.

Does the employer offer a loan scheme at all? May be worth asking.

ghostfinder

Does the new company not offer a car at all or would they prefer you to opt out?

andylong42

That's exactly the problem. If I didn't have poor credit then I wouldn't even think about it. I can't go to a new employer and say I can't get a car because I can't get finance so it's a really difficult situation. The alternative is I turn down a dream job just for the sake of a car which sounds ridiculous.

andylong42

Ghostfinder - they have said they will consider a car after 12 months which again doesn't help with my decision of whether to take the job.

Alt

andylong42 wrote: »

Hiring would be incredibly expensive and not really an option. This would be great if I had a car, but I will have to give up my current car obviously when I hand my notice in. The new car allowance is £350/month so anything over that and I'm starting to lose out.

Is the £350 after tax? I don't know if there are any but maybe there are leasing companies who cater for people with poor credit?

andylong42

I have seen some but no idea who to trust in that area. I believe it is after tax, but need that confirming.

OurKev

andylong42 wrote: »

I have seen some but no idea who to trust in that area. I believe it is after tax, but need that confirming.

I'd be surprised if it was.


The company won't know your tax position, so would normally quote the gross figure.