help! can't get finance
Discussion
matrignano said:
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).
This happened to mate of mine. He only had a mortgage as had paid off lots of loans, creadit cards, etc etc and the credit check companies (Experian, Call Credit, Equifax) simply didn't have enough data on him. Therefore he was given a high risk profile.He was encouraged to set up a couple of mobile phone contracts (one for him on of OH) so the monthly payments started showing up. This would then prompt the agencies to up his status as they could see he could pay things on time.
Bear in mind this might take two or three months to feed through.
I also recommmend signing up to Experian Credit Expert - you can manage and track your own credit rating there and see what is being said of you by the agencies.
matrignano said:
Swapping my licence would be the last resort really...having a foreign licence in the UK has some "benefits" 
It's precisely the misuse of these 'benefits' that is implied by your smiley that is what stops most lenders offering finance to people who claim to be UK citizens but don't get a UK licence. You can't have it all ways you know.matrignano said:
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.
It is if they suspect you will bugger off out of the UK with the car and not pay the finance. . . . .It's a completely non financial criteria.
I thought everyone knew that the more debt and bills you accumulate the better your credit rating even if you pay small amounts off regularly. I suppose you have to look at it from their point of view which is considering evidence of your trustworthiness. Plenty of drug dealers don't have mortgages or debt (officially) but may not be the best recipients of loans especially on cars that will depreciate like a stone and not property which won't.
Have you thought about getting a mortgage on the equity in your property so they loan is safer?
Have you thought about getting a mortgage on the equity in your property so they loan is safer?
Edited by LuS1fer on Monday 16th May 14:02
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...
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 said:
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.
Seen this before, some companies will accept EU license if accompanied with the counterpart but many are not interested. No point complaining to the Financial ombudsman as you have not followed an internal complaints procedure. Even if you did, they are not obliged to lend money and can set whatever criteria they deem necessary.It's a completely non financial criteria.
Swap to a UK license, it'll take 3-4 weeks.
This is all quite a bit weird. My bank was telling me the other day that I could borrow up to 20k if I wanted and that's with me being a PhD student and making something slightly above minimum wage -- no loans, just a credit card that gets repaid on time, and is hardly used. I'm also a recent EU national with an EU driver's license.
I'd say it is pretty discriminatory. But then again I would not buy a car of this value on finance if I were in the market for one.
I'd say it is pretty discriminatory. But then again I would not buy a car of this value on finance if I were in the market for one.
Garlick said:
oraclefinance said:
Gallardo Example 2
Deposit :
£6,000 *
48 Months @
£1049pm *
+ Final Payment
Is it possible to live inside a Gallardo?. Deposit :
£6,000 *
48 Months @
£1049pm *
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ZOLLAR said:
Garlick said:
oraclefinance said:
Gallardo Example 2
Deposit :
£6,000 *
48 Months @
£1049pm *
+ Final Payment
Is it possible to live inside a Gallardo?. Deposit :
£6,000 *
48 Months @
£1049pm *
+ Final Payment
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