Help Needed Please - Lived Abroad, No Credit History

MEM62

Wileecoyote11 said:

MEM62 said:

Wileecoyote11 said:

Hi Everyone, 

I have just returned after living in Australia from 2009-24. I've got a job with car allowance, property in Aus still and no bad credit history in either country.
Returned for the better weather no doubt  :-)

I have approx £2-3k in cash and am currently unable to access assets. I've tried getting car loans for around 15k but no-one will touch me unless I've got 3 years credit history (1 was 12 months).
You will have to rebuild your history as it is effectively wiped out after six years.   

My Mam and Dad have offered their house as security, but apparently to do that it needs a mortgage in order to get a second mortgage, which it hasn't.
Frankly, it would have been madness to put your parents house at risk to secure a car loan.   

My bank who I've been with since around 14 can't offer me loans yet.
Again, because you have no credit history.

I'm stumped as to what else to do, apart from get a car for £3k which isn't ideal for my job.
Borrowing money to buy cars is not the most sensible option.  You add interest to the cost of buying an asset with a value that falls like a stone.  It makes no sense but, sadly, many just don't get it.  Buy what you can afford to pay for with your cash.  Older does not automatically mean more problematic or unreliable.   

As I said, I am unable to access any of my current assets, any suggestions please?

If is is that important to your employer that you have an expensive or newer car then they should provide it. 

A lot of companies provide car allowances, this is a small, family-owned company so cannot manage the overheads of company cars.
I'm not looking for an expensive car, just something that will be good for a lot miles and has decent tech to enable me to take and make calls.

You should be able to pick up something that fits the bill for the amount of cash that you have.  Get a year out of it and you might find that other options open up.  

With respect to the allowance, my company offers it also - but as an alternative to a company car if you choose.  I appreciate that you may work for a small company but that should not mean that, if a car is essentially a tool of your trade, that you should have the financial burden of providing it.  They can also lease, which would avoid any great cash outlay.