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I Have Just Moved to the UK and Need Car Finance.

Hi Rachel. I moved to the UK in Jan 2011. I have been in full time employment since I arrived. I earn £50k (before bonus), rent a flat and have never missed a direct debit payment since I've lived here. I have a clear balance on my credit card (only 2 months) and a clear balance overdraft (6 months) and have also never missed a payment or exceeded limits.

My credit score is 561 on Experian but I was not registered to vote. I have now done so and will be registered from April 1st. I have looked at car finance but have found nothing below 20% APR. Would you guys have anything better? Loan of £6-8k. Thanks

Asked by Dave

Hi Dave, firstly welcome to the UK. I hope you're enjoying it so far. Thank you for using our Q&A and from what you've said we should be able to beat the 20% APR you have been offered already.

If you don't mind me asking - which company/lender offered you that rate? Also how long are you planning on staying in the UK? Most lenders like to see 3 years address history before giving out loans but hopefully we can get a lender to help. What gives me a good feeling we'll be able to help is that you have a very good wage and that the credit you do have is clean so far. Also you've just got yourself on the electoral roll.

You have done all the right things and there's nothing more you can do to be honest. It's down to our lenders as to whether they can help which i hope they can. Please make an application and we'll go from there. Kind Regards, Rachel

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 3 People

5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9% APR: the exact rate you will be offered will be based on your circumstances

Representative example: borrowing £6,500 over 5 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37

Rates may differ as they are dependent on individual circumstances. Subject to status.

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