How to get finance as an expat

Williaml

Hi all,
I'm a South African just arrived in UK in February. I have a British passport and am a British citizen too, but have never lived in UK or spent extended time here.
I have an above average salary.

I've tried so much to start building my credit so far: Managed to get a vanquis credit building card, signed up to the electoral roll and submit my rent to creditors via an app.

My question is this. How in buddhas name can I get finance for an expensive item that I can't afford once off? I want to get some costly sound equipment, and all the online stores that stock it have finance options, but I'm not sure I will qualify due to only being here since Feb.

I'm also trying to build credit to get a mortage eventually. So any credit building or finance tips for an expat would be amazing.

Thanks so much! ::j

DCFC79

Williaml wrote: »

Hi all,
I'm a South African just arrived in UK in February. I have a British passport and am a British citizen too, but have never lived in UK or spent extended time here.
I have an above average salary.

I've tried so much to start building my credit so far: Managed to get a vanquis credit building card, signed up to the electoral roll and submit my rent to creditors via an app.

My question is this. How in buddhas name can I get finance for an expensive item that I can't afford once off? I want to get some costly sound equipment, and all the online stores that stock it have finance options, but I'm not sure I will qualify due to only being here since Feb.

I'm also trying to build credit to get a mortage eventually. So any credit building or finance tips for an expat would be amazing.

Thanks so much! ::j

Pay the card of in full when it's due, use direct debit for this.

What's this about submitting your rent to creditors ?

Do you have a bank account yet, I'm sure you must do but no harm in asking.

National_Debtline

Hi

DCFC79 wrote: »

What's this about submitting your rent to creditors ?

My guess is that Williaml is referring to this initiative: https://www.experian.co.uk/rental-exchange.html


Whereby Experian can collect and report rental payment data to help an individual build a credit history more quickly than might otherwise be the case.


Dennis
@natdebtline

foxy-stoat

Just keep doing what you are doing and in a year or 2 you could get all the credit you need.

Williaml

I cant wait that long
I need to get something that costs 2500 but want to pay it off in installments.

sjbrun

If you are on an above average salary like you say you should be able to save that in 3-6 months or so.

Williaml

Yea I have financial obligations unfortunately so that's not possible

Williaml

Surely there must be a way.. theres so many online 'finance' / 'installment' providers

jonesMUFCforever

If you cannot afford to save how will you make repayments on a loan?

Voyager2002

Williaml wrote: »

I cant wait that long
I need to get something that costs 2500 but want to pay it off in installments.

You said that you have a Vanquis credit card: explain what you need to them and see if they will increase your credit limit.


And I would repeat the warning of others that you are in danger of entering a debt spiral. Personally I buy all my hi-fi equipment second-hand, and suggest that to you as a fun and affordable hobby.

bazzyb

Williaml wrote: »

My question is this. How in buddhas name can I get finance for an expensive item that I can't afford once off? I want to get some costly sound equipment, and all the online stores that stock it have finance options, but I'm not sure I will qualify due to only being here since Feb.

Stay in the UK for 3 years and you will be eligible for mainstream lenders.