blip

Was a home owner until last year, and am currently renting until I am ready to buy again. Am considering downgrading my car for a few months to help clear some stubborn debts, but am worried that when I am ready to buy a new car again I will struggle to get finance anywhere.

Anyone had experience of trying to get finance whilst renting?

TopBanana

It's only one factor in credit scoring. So long as your history is pretty good you should be OK.

Just wondering why you'd clear your debts only to take out more finance in a few months?

Dave1980

i went to vw to get my new car and all they wanted to check that i was eligable for finance was that i had been in work for 4 years or more and supply them the details.

not that i have anything dodgy but i was surprised how easy it was.

Coffin Dodger

Depends on the type of finance really. They'll give HP to pretty much anyone as you don't own the car until you make the final payment. Don't pay and your car is repossessed.

Normal bank loan, fine if your credit score is good.. I got a bank loan for mine while still renting.

KiwiGTI

I got a car on HP after I had been in the country 6 months.

You can always get cars on credit or leased - even undischarged bankrupts can get them, you may just end up paying a higher interest rate or larger up front amount. Many lease companies will still lease you a car at the same rates but require you to have 6 months payments up front for example.