How to get finance as an expat

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Comments

  • Williaml
    Williaml Posts: 5 Forumite
    The repayments are 60-90 per month, can more than afford that.
    I'ma music producer so it's very specific high grade equipment, not a simple hifi you can get second hand. :)
    My credit limit with vanquis is only 250 as Im new to the country etc.. Would be very difficult getting them to raise it 10x
  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
    You'll have to save it then or try and pick up extra gigs to finance the difference.
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Name Dropper First Anniversary First Post
    Williaml wrote: »
    The repayments are 60-90 per month, can more than afford that.
    I'ma music producer so it's very specific high grade equipment, not a simple hifi you can get second hand. :)
    My credit limit with vanquis is only 250 as Im new to the country etc.. Would be very difficult getting them to raise it 10x

    You aren't listening to what people are saying. It takes time for banks to trust you can manage credit, especially if you are new to the UK. What is to stop you taking out finance then heading back to SA?

    There are no quick fix options other than dodgy Dave down the pub, who might lend you the money at 500% APR and will break your legs if you don't pay it back.

    The only other option is if you had an excellent credit history in SA and had an AMEX card, they sometimes can transfer your card to the new country.
  • lildoonbuggy
    lildoonbuggy Posts: 81 Forumite
    Combo Breaker First Post First Anniversary
    Hi Williaml, welcome and hope you are enjoying the UK so far. My husband and I moved over 3 years ago and were able to get access to credit surprisingly quickly - £4.5k car loan within 1 month via dealer, £1.25k credit card within 6 months via our own bank, and £8.5K personal loan within 1.5 years via Sainsbury's. You seem to be doing all the right things, but I would recommend going through an eligibility checker to see what your chances are getting a loan before you start applying and triggering searches of your record.

    My experience has been that decent credit card limits are much harder to obtain than loans or credit agreements. Definitely sign up to Martin Lewis's credit club, as that will let you see how your credit record is travelling and will also show eligibility for different kinds of credit. It will take 3 years of address history before you can access the other free credit reports, but this one seems to work as soon as you start your credit record in the UK.

    Final thing I would say is just be careful of over stretching yourself financially too quickly over here. The UK has comparatively lower incomes and higher costs of living than many other countries. I've seen so many expats trapped in the poverty cycle due to early bad decisions (too much partying, travelling or too lavish accommodation), so step gingerly as you get used to the differences here. If you do that and work on building a good cashflow early on, you will feel right at home in no time.
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