help! can't get finance

[matrignano]

I'm buying a 5 year old £40k car and have been looking for a 36m hire purchase deal with a final balloon payment. I'm putting a £10k deposit down.

Have used 3 brokers and so far they have all been unable to source me a funder. Some refuse to deal with me due to my EU licence, others due to my limited credit rating (I only have a credit card, no mortgage or other credit).
I have provided tons of documentation and earn six figure so I believe I'm a pretty strong proposition in every other respect!

I'm completely stuck as it stands and the purchase might fall through unless I can find someone to lend me some money!
Any ideas chaps?

[matrignano]

Haven't tried my bank yet if I'm honest, I'm dubious they could get anywhere near the APR I was quoted so far (9.2%) as it would be an unsecured loan. But I'll give that a try.

Don't want to put more than £10k down as want to keep a big enough "cushion" for repairs or any other unforeseen events. Besides, a 25% deposit should be sufficient shouldn't it??

[matrignano]

I'm a UK resident with a EU licence, which seems to be the main issue (apparently 60% of funders won't touch EU licence holders).
Of the 40% remaining, 100% don't like me for other reasons including my limited credit rating!

And to think that 3 years ago anyone could get credit! From one extreme to the other...

[matrignano]

Swapping my licence would be the last resort really...having a foreign licence in the UK has some "benefits"

Car is an Aston V8 Vantage.

[matrignano]

I'm actually considering raising a formal complaint to the Financial Ombudsman It seems pretty discriminatory to restrict/deny access to finance to EU licence holders who would otherwise be fully eligible for credit.

It's a completely non financial criteria.

[matrignano]

I have plenty of bills! As much as I'd like not to, I have to pay for rent, gas, electricity, water, internet etc.
And I have a credit card on which I've racked more than £35k of credit, all paid in full at month end.
I've been employed for 3.5 years with a UK bank, pay my taxes and NIC, am on the electoral register etc. I've even studied in this country!

I'm hardly an unknown quantity...

[matrignano]

Any way the licence swapping process can be sped up?
I'm travelling a bit in the next few months and can't risk having my passport unavailable for 3-4 weeks!

[matrignano]

steve_bmw said:

£100.000 a year, you have 10k deposit, just save up the rest and pay cash.
Do you have alot of disposable income?

Can't complain, but would still take more than a year to save £30k!

[matrignano]

NotSoSure said:

Been driving here myself for many years on an EU licence. As for the benefits, works both ways. Isn't the usual advice here to ignore fines from abroad?

Indeed my broker told me that the finance companies wouldn't fund my deal because of this 3 year rule, which is completely bullst as confirmed by the DVLA (I even called them to confirm).
Hence why I think this is a discriminatory policy.

[matrignano]

OdramaSwimLaden said:

Hmmm...anyone want to make a riskless 10% p.a.

I'm good for it, honest

[matrignano]

gareth.e said:

No problem.

I'll need photos of your children, the address of their schools and your passport please..

Perv!
No children, but you can have pics of my pet rhinoceros.

[matrignano]

Alex said:

You'd be surprised.

Indeed. My bank will only lend me up to £22.5k...