Answer
May 30, 2018 - 05:14 AM
Hi there!
Firstly, congratulations on your new job, we hope it will be everything you want and need!
Now, about your car finance: Unfortunately, you will only qualify for finance if you have a good credit record. This means that you will need a clean credit history, which will prove to the bank that granting you this loan will not entail an unneccessary risk to them.
Getting a credit history is also easier said than done - you need to have some debt in order to make new debt. To do this, you will need to first apply for a credit card, to prove to the bank that you can manage debt responsibly. And then, only once you've maintained a good record with the credit they've already granted, and once they can be sure that your employment is reasonably secure, will they help you to buy a car.
The letter of employment will help, but payslips will help a lot more. In fact, it's doubtful that even 3 months' worth of payslip will satisfy their requirements, and you might have to wait until you can provide proof of constant employment for 6 months, along with a good credit rating, before you may qualify for motor finance. Sorry to be the bearer of bad news, but that's the way the system works.
A quick word of caution: Be wary of cash loan agencies and potentially shady motor financiers. They are guaranteed to load your transaction with massive administration fees and a ridiculous interest rate, eventually leaving you far worse off (and possibly in a very deep debt pit). Rather be patient, build your credit rating, and go through an acknowledged credit provider. It will be cheaper and safer in the long run.
Hope this helps!
The AskAutoTrader Team
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