Car allowance, company car - poor credit

avfc82

Hi,

I need to get a car by the End of March 2015 that is not older than 7 years, I currently have a car that is worth £2k but the car will be older than 7 years after this March 2015.

My options are to buy another car that meets the above requirements or get a company car.

The problem is I have poor credit rating and have alot of debt, so i am going to struggle to get a loan.

I could see if I could get a company car but then I'm worried that they will do a credit check on me, I'm not sure what things I might need to give them.

I could see if I can get a poor credit car lease but I probably will get turned down for one of them as well.

I feel suicidal at this rate don't know what to do, any advice?

Thanks

bazzyb

If your company has its own company car scheme in place you shouldn't be credit checked. It would be the company that takes the lease, not you as an individual.

hcb42

you wont get turned down for a company car.

you will get to drive, hopefully a nicer car as well

You do need to check the car tax liability and pick something as efficient as possible to keep your costs down however as you will pay tax on the benefit, however fleet companies can usually advise on this, or you can use google.

But you won't need to pay insurance/maintenance etc, so on balance it's a reasonable enough perk

Suicidal? Getting a new car is a nice experience, many will be jealous, enjoy it! (flog your old car and do something with the money you get!)

avfc82

hcb42 wrote: »

you wont get turned down for a company car.

you will get to drive, hopefully a nicer car as well

You do need to check the car tax liability and pick something as efficient as possible to keep your costs down however as you will pay tax on the benefit, however fleet companies can usually advise on this, or you can use google.

But you won't need to pay insurance/maintenance etc, so on balance it's a reasonable enough perk

Suicidal? Getting a new car is a nice experience, many will be jealous, enjoy it! (flog your old car and do something with the money you get!)

But if they do a credit check and see how much I owe and see my credit rating then no chance I will get accepted.

I'd rather get if a loan but don't know where to go to I probably only need about £3k and use my car as part exchange which I should get more than £2k but if I can't get loan I don't know what to do. Ideally I'd keep the car I've got and find someone who has a car less than 7 years old and say than I'm the registered keeper but that would not happen.

specialboy

Are you actually reading what people are telling you? You won't get credit checked for a company car. Full stop .

avfc82

specialboy wrote: »

Are you actually reading what people are telling you? You won't get credit checked for a company car. Full stop .

So what information would they need from me?

comeandgo

Absolutely no information required. I have company car and it was ordered, delivered, i drive it.

avfc82

comeandgo wrote: »

Absolutely no information required. I have company car and it was ordered, delivered, i drive it.

Will they need my current car insurance, paper counter part driving licence etc...

threellamas

Hi-I have a company car and below average credit. They will only need your driving licence ( card and paper part) so they can add you to insurance. I have a couple points on my licence too and its not a problem. Dont worry about it. Companies really dont care about your personal credit and def wont check it. Just relax and get a shiny new company car. I love the fact I dont pay anything for it.

comeandgo

As its company car they insure it. Company had seen my driving licence when I started and still require to see it yearly to check no points. Where you may fail is with fuel costs. We used to have company charge card to pay for our fuel and we were checked prior to receiving card. That changed a few years ago and we now pay for fuel ourselves and claim it back per mileage.

bap98189

avfc82 wrote: »

So what information would they need from me?

Most organisations will need to see your driving licence to verify that you can drive.

Depending on the size of the organisation, they will also probably ask for some personal details so they can arrange the insurance - address, driving history, previous claims etc. Just the usual stuff you get asked when you apply for car insurance. Larger organisations will have a fleet policy that doesn't require this, smaller ones probably insure the cars on a more individual basis and so will require this information.

That's it. There will not be any credit check as it is not you who is taking on any financial risk, it is the company. The car will be registered in their name and they will either be buying it or paying the lease.