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Topic: UK Car Loan For a Recent Arrival  (Read 76 times)

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UK Car Loan For a Recent Arrival
« on: January 21, 2020, 08:33:42 AM »
Hello,

This is a funny one for me to be typing here as I am actually from the UK and lived and worked here until as recently as 2014.  After going away to Houston for 5 years I'm back now and finding that most used car lenders want 3 years residency before they will extend a loan.

This must make it really difficult for any new arrival.  I have been back for 3 months and I'm still waiting on my wife arriving from the USA.  We will need two cars in fairly short order and I don't have the cash to buy them outright.

Is anyone aware of a lender that makes an exception in this case?  What do other recent arrivals do?
Application for a spouse visa for my USA wife.  She and our one year old daughter remain in Houston whilst I await their arrival in Aberdeen.

OCT 30th    Online application (settlement premium application package)
NOV 1st      Biometrics at VFS Houston
NOV 4th       UKVI EMAIL ECO
DEC 10th     Denial letter received citing insufficient evidence to support US self-employment income

JAN 10th      2nd Online Application Submitted (Premium)
JAN 13th      Biometrics and scanning at VFS Houston
FEB 6th  Decision Made Email
FEB 7th VISA received!!!


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Re: UK Car Loan For a Recent Arrival
« Reply #1 on: January 21, 2020, 09:28:56 AM »
Hello,

This is a funny one for me to be typing here as I am actually from the UK and lived and worked here until as recently as 2014.  After going away to Houston for 5 years I'm back now and finding that most used car lenders want 3 years residency before they will extend a loan.

This must make it really difficult for any new arrival.  I have been back for 3 months and I'm still waiting on my wife arriving from the USA.  We will need two cars in fairly short order and I don't have the cash to buy them outright.

Is anyone aware of a lender that makes an exception in this case?  What do other recent arrivals do?

 I got my car (paid cash) from an independent lot rather than from a dealership and got a much better price doing it that way. Private sales are probably better value still, if you know a bit about cars.

If you can't find a loan, initially you might just need to get something older or higher mileage or a cheaper model, until you have built up a bit of money behind you.

https://www.moneysupermarket.com/loans/car-finance/
« Last Edit: January 21, 2020, 11:52:55 AM by larrabee »
March 28th 2013-Moved to UK, husband on spouse visa.Oct 20th 2015-Applied by mail for FLR(M).Feb 1st 2016 FLR(M).March 7th 2018 ILR. YAY! March 21st NCS&JCAP appointment.


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Re: UK Car Loan For a Recent Arrival
« Reply #2 on: January 21, 2020, 11:01:12 AM »
I had a promotion on a US-based credit card... paid something like 3% initiation fee, then 0% on a cash advance to cover the price of a used car in the UK, and then paid that off after I sold my US car.

(I'm referring here to my Honda s2000 that I bought when I was here visiting in 2012 before I went back to apply for my fiance visa.  We paid cash for our Panda we bought in 2018.)
« Last Edit: January 21, 2020, 11:03:21 AM by jfkimberly »
9/1/2013 - "fiancée" (marriage) visa issued
4/6/2013 - married (certificate issued same-day)
5/6/2013 - FLR(M)#1 in person -- approved!
8/1/2016 - FLR(M)#2 by post -- approved!
8/5/2018 - ILR in person -- approved!
22/11/2018 - Citizenship (online, with NDRS+JCAP) -- approved!
14/12/2018 - I became a British citizen.  :)


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