Moving Employer

stuwie

Hi MSE,

This is my first post


My situation


I'm currently in the process of moving employer's (exciting times hopefully!)


My previous employer operated a company car scheme that I took full advantage of as you can imagine being a young male.


The new employer I'm seeking a new career with don't operate a company car scheme, and instead give you a cash allowance to fund a car.


The car I need to obtain with my new employer has to be less than 6 years old at any given time.

So I have been looking at cars about 2 - 3 years old which mean's I'm looking at cars valued between £8,000 to £15,000. this amount would have to be financed.

Before I started my searching I decided to obtain a credit report to make sure everything was all intact. (Equifax offered a months free trial + I had to pay £5.95 for a credit score so can't really complain).

Here comes the not so good part, I checked my credit report and score, and was shocked to see I received a score of 236 (Poor) and had a default on my account that to my mind was settled ages ago.

I also notice my electoral data was not fully updated but I made sure this was sorted 3 years ago.

The bad points aside I did have some good things on my report one of them being all other credit agreements where up to date and that I have not applied for credit within the last 12 months.


As you can imagine i'm a little bit nervous to apply for credit to fund my new company car.


Any advice would be nice


Thank you and Regards

Stuart

Pixie5740

The bad news is that the £5.95 you paid for a credit score was a waste of money as Equifax don't lend money so any score they give you is like a broken pencil....pointless.

How old is the default on the account? It's better that the default is showing as settled rather than unsettled.

When you say that your electoral roll data has not fully updated do you mean that Equifax have an old address?

It's also worth checking your £2 statutory credit report for Experian to see what's on there. You can get your Call Credit report free from Noddle.

Your best bet for obtaining a loan would probably be where you hold your current account as they can see how you handle your day to day finances.

Could you get a 5 year old car for £2000 to £3000 using savings instead until you can afford something else?

stuwie

Pixie5740 wrote: »

The bad news is that the £5.95 you paid for a credit score was a waste of money as Equifax don't lend money so any score they give you is like a broken pencil....pointless.

How old is the default on the account? It's better that the default is showing as settled rather than unsettled.

When you say that your electoral roll data has not fully updated do you mean that Equifax have an old address?

It's also worth checking your £2 statutory credit report for Experian to see what's on there. You can get your Call Credit report free from Noddle.

Your best bet for obtaining a loan would probably be where you hold your current account as they can see how you handle your day to day finances.

Could you get a 5 year old car for £2000 to £3000 using savings instead until you can afford something else?

The default is 2 years old.

I like the idea of the 4 to 5 year old car option sounds good to start off with just in case things don't work out at my new job. :money: :beer:

27col

It's not immediately obvious why you would need a £8k-£15k car to begin with. You don't even know if the job will turn out well at this stage. Far better to limit your exposure at present and buy something more modest until you are well settled.

redpete

Pixie5740 wrote: »

The bad news is that the £5.95 you paid for a credit score was a waste of money as Equifax don't lend money so any score they give you is like a broken pencil....pointless.

Not quite pointless as it has told the OP that lenders might see the default and electoral roll data that could well affect his chances of getting a loan.

bigadaj

redpete wrote: »

Not quite pointless as it has told the OP that lenders might see the default and electoral roll data that could well affect his chances of getting a loan.

No, that's the credit file which is u.seful, the score itself is pretty pointless.

Prothet_of_Doom

If you budget £2K you can JUST about get a 5 year old car worth owning. If you were happy with a damaged repaired Cat C, you could get something 'nice'...... (I just did a quick auto-trader search).

How does the employer know how old the car is?

I ask because if you got a private reg on a car which is older they'd not know (if you pick the right car)

stuwie

Prothet_of_Doom wrote: »

If you budget £2K you can JUST about get a 5 year old car worth owning. If you were happy with a damaged repaired Cat C, you could get something 'nice'...... (I just did a quick auto-trader search).

How does the employer know how old the car is?

I ask because if you got a private reg on a car which is older they'd not know (if you pick the right car)

Hey,

My new employer provides insurance for the vehicle, plus they want to be able to tick green Eco flag so limit your CO2 to 139

Skulls

A 2 year old Citroen C1 is about £5000

stuwie

Would it help if I could provide information from my new employer to the company I wish to finance from.

Because I can provide evidence that my new employer is given me a cash sum to procure a car. The increase in my salary will also help.

Clive_Woody

Have you looked into leasing a car?