Car Leasing/Finance Question
Discussion
Basically the situation is such.
I am a student coming out of university. Am 23 and might be needing a car for commuting to work. Leasing seems like a good option, but would also consider getting finance for ownership.
I should have a job secured in November or sometime. My question is that can I use the fact I have a secured job lined up as leverage in applying for credit. I would probably be applying for leasing/finance the month before my job starts, so at the time of applying I would for the sake of argument be 'unemployed' since this is my first job.
I had sort of assumed that because car finance is secured, this might make it easier to get approved in the above situation vs. getting a standard unsecured bank loan.
Away from this, my credit rating is very good (999 on Experian; 453 on Equifax).
Can anyone provide some advice on this? I'm not massively keen on cash buying, since I've not got much saved money (would be enough for a deposit on leasing/finance though).
I am a student coming out of university. Am 23 and might be needing a car for commuting to work. Leasing seems like a good option, but would also consider getting finance for ownership.
I should have a job secured in November or sometime. My question is that can I use the fact I have a secured job lined up as leverage in applying for credit. I would probably be applying for leasing/finance the month before my job starts, so at the time of applying I would for the sake of argument be 'unemployed' since this is my first job.
I had sort of assumed that because car finance is secured, this might make it easier to get approved in the above situation vs. getting a standard unsecured bank loan.
Away from this, my credit rating is very good (999 on Experian; 453 on Equifax).
Can anyone provide some advice on this? I'm not massively keen on cash buying, since I've not got much saved money (would be enough for a deposit on leasing/finance though).
Don’t tie yourself into a lease in your situation, the penalties for trying to get out of a lease are enormous.
Personally I’d get something cheap and see where you are in a year. Cheap doesn’t have to mean rubbish, if you’ve got a PCP/lease deposit saved you can get yourself something fun.
Remember you effectively have no job security at all until you’re out of your probation period and even then it’s two years before a lot of important employee rights (unfair dismissal tribunals etc) kick in.
Don’t rush in to saddling yourself with monthly payments until you’re secure.
Personally I’d get something cheap and see where you are in a year. Cheap doesn’t have to mean rubbish, if you’ve got a PCP/lease deposit saved you can get yourself something fun.
Remember you effectively have no job security at all until you’re out of your probation period and even then it’s two years before a lot of important employee rights (unfair dismissal tribunals etc) kick in.
Don’t rush in to saddling yourself with monthly payments until you’re secure.
No offence, but this is unbelievable. The OP hasn't started yet and is planning to rent a car. This is not right. Lack of financial IQ, no problem, glad that he asks the right questions though.
A deposit of at least £2K is required in order to proceed with the above. Assuming that this is the budget I strongly recommend to buy a cheap first car ie VW Golf MK4 1.9tdi (£1k) get it insured and enjoy cheap running costs / +40mpg.
A deposit of at least £2K is required in order to proceed with the above. Assuming that this is the budget I strongly recommend to buy a cheap first car ie VW Golf MK4 1.9tdi (£1k) get it insured and enjoy cheap running costs / +40mpg.
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