Anyone in car sales?

[MattHall91]

I was searching for answers on Google, but then thought here would surely be more helpful!

I have been considering getting into new car sales recently. I've worked in field sales since graduating from uni 3 years ago and know what a typical car sales role entails.

However my reservation is this: with base salaries very low (high commission), how do you convince the banks to give you a decent size mortgage? I've got one now, but I remember when I bought my first house the lender said only a maximum of 25% bonus can be used. This was also only possible if the same level of bonus had been achieved every month for 24 months. FWIW, I am looking to move house within 4 years.

Thanks in advance.

[twing]

From experience four years of decent commission and a good deposit (I assume you'll have equity from your current) will go in your favour assuming everything else is ok. A colleague of mine found a letter from our MD helpful when he recently bought.

footnote.... If it's a volume franchise go used not new

[MattHall91]

Thanks. Yes suppose if I started sooner rather than later, that would be ample time to use the commission.

[twing]

MattHall91 said:

Thanks. Yes suppose if I started sooner rather than later, that would be ample time to use the commission.

Sorry, I was a bit confusing there, I meant that earning four year's worth of decent commission is proof enough that you're a safe bet. Which franchise are you thinking of?

[MattHall91]

A friend of a friend is sales manager at a local BMW franchise and I've heard good things. I've also spoken to a guy at Merc who enjoys his work. I wouldn't be too picky unless it sounded awful to be honest, depends what's available.
Would you recommend/avoid any in particular?

[twing]

I've always been Ford, so volume bud, I'll ask a few others to give their opinions tomorrow

[MattHall91]

Thanks mate!

[missing the VR6]

I bought a house in 2013, mortgage company took all of my salary and then 50% of commission when proved with 3 previous months pay cheques.

[davidsc]

Nationwide and Halifax take 100% commission

[Sarnie]

davidsc said:

Nationwide and Halifax take 100% commission

Halifax take 60% commission............

[andymc]

Mortgages? we pay cash us high rolling sales execs!!

[twing]

andymc said:

Mortgages? we pay cash us high rolling sales execs!!

lol Andy, that wasn't quite what I meant when I asked if anyone could help

[Fast Bug]

Halifax looked at my total earnings rather than basic + commission, that was about 5 years ago, so not sure if it's changed of late.

If you do retail sales and get the choice, go for used as opposed to new. Especially if you go to a volume brand.

[d8mok]

Ive been in the same new car sales job for 11 years, and had a 40% deposit when I purchased my first house 18 months ago and struggled to get lenders to take commission into consideration. Nationwide was the best by far.