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Edwin Miles. Underwriting Manager

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Can I get guaranteed car finance if I've been in the country for less than three years?

I returned to the UK six months ago after fifteen years abroad. I have started to build up a new credit history over the past four months including being on the electoral roll, opening a bank account, and getting a contract mobile phone.

However, I have been told I will have to wait three years before I could get car finance from you, is this true?

Posted by J on

Answer.

Hello J, you have done all the correct things in terms of what lenders look for (trace-ability and credit history) which is great news but as you have very little in the way of past credit to go off we may struggle to get you passed with one of our lenders.

How long ago did you setup your bank account and mobile phone contract? Would this be on your credit report yet? Kind Regards, Edwin

Posted by on
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Question.

Thanks Edwin. These are showing on my credit report with three months history. I think the fourth month will show in a couple of weeks. I guess the question is how long will I need to leave it before the lenders will look at me?

Posted by J on

Answer.

Hi J, you'd be looking at 24 months minimum unfortunately.

Posted by on

Question.

Thanks for the advice.

Posted by J on

Question.

Hi Edwin, I'm in a similar position myself. Been out of the UK for a number of years and just getting myself set up here; got a job, bank accounts and place to live but need a car. I presume your advice is the same now as it was a year ago to this post? I guess my main question is, as far as lenders are concerned is NO credit history in the UK the same thing as BAD credit history? Will no one touch me?

Posted by Steven on

Answer.

Hi Steven, i'm afraid you're correct in that assumption. You need to get yourself on the electoral roll, get a contract mobile phone, a small credit card from your bank and make sure you keep your minimum monthly payments up to date. Were you in the UK before moving abroad? Edwin

Posted by on

Question.

Hi Edwin, thanks for you quick reply. Basically I haven't been in the UK since I left as a child in 1986, apart from a 5 month period last year when I got my NI number and was earning/paying tax, but wasn't on the Roll. Will get a contract phone and credit card etc, but am I looking at 12 months before I've got enough of a credit rating to get a loan? Cheers, Steven.

Posted by Steven on

Answer.

Hi Steven, in all honesty - yes. It may even take 24 - 36 months unfortunately. Kind Regards, Edwin

Posted by on

Question.

I have been in the UK for 7 months and was appointed a director of a small limited company in February, I have a personal current account and am the main signatory on the business current account with the same financial institution, I am on the voters roll and free of debt. Would I qualify for car finance?

Posted by Karl on

Answer.

Hi Karl, thank you for your question. Unfortunately the vast majority of lenders that we work with need to see at least 3 years residential history in the UK. As you've only been in the UK for 7 months we wouldn't be able to get you approved. Kind Regards, Edwin

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