Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • Superseded
    • By Superseded 9th Aug 18, 2:47 PM
    • 1Posts
    • 0Thanks
    Car allowance with poor credit
    • #1
    • 9th Aug 18, 2:47 PM
    Car allowance with poor credit 9th Aug 18 at 2:47 PM
    OK, so I've taken a new job, which comes with a pay rise (yay), and a healthy car allowance (yay). There's an option for a company car, but tax wise, I'd be significantly better off with the allowance (I emphasise significant).

    I currently have a "poor" credit score according to Experian, but all payments etc from anything in the last 3 years have been on time, and the new job will help me eradicate old debt quite quickly I hope (3-6 months)

    There are some rules to the allowance, but I don't have to spend it all, and I don't plan to so. Not only is the tax better, but the difference is mine to keep.

    The rules are:
    4 doors,
    No more than 2-3 years old.
    Has to be same class as a 3 series, audi A4 etc. (as long as it doesnt look like i'm spending as little as possible i think i'll be ok)

    I feel like this will mean a lease, or contract hire, which I've never had before. I can't afford a deposit, but i believe I can go with 1 month deposit payment with most companies. monthly affordability will be easily covered by the allowance (including maintenance, insurance, car tax)

    I'm looking for some direction as I'm nervous I wont find anyone to "borrow" from with my credit file. is anyone in the same situation? are there any options for someone like me?
Page 1
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

144Posts Today

1,192Users online

Martin's Twitter
  • Ta ta... for now. This August, as I try and do every few yrs, I'm lucky enough to be taking a sabbatical. No work,?

  • RT @lethalbrignull: @MartinSLewis I've been sitting here for a good while trying to decide my answer to this, feeling grateful for living i?

  • Early days but currently it's exactly 50 50 in liberality v democracy, with younger people more liberal, older more?

  • Follow Martin