# Getting finance for a car in the UK



## RichardWills (Feb 24, 2011)

Hello,

Moved here a month ago. Have work permanent contract with a car allowance. Obviously I need a car for work. The problem is that I have no credit record here. Anyone able to overcome that at any time? 

I have another car, a cheapie we paid cash for, and getting insurance for that was beyond frustrating, but got it done eventually. Its very difficult to move with years of excellent credit history with a mortgage and three vehicles, to arrive here and be treated like a school leaver


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## Joppa (Sep 7, 2009)

RichardWills said:


> Hello,
> 
> Moved here a month ago. Have work permanent contract with a car allowance. Obviously I need a car for work. The problem is that I have no credit record here. Anyone able to overcome that at any time?
> 
> I have another car, a cheapie we paid cash for, and getting insurance for that was beyond frustrating, but got it done eventually. Its very difficult to move with years of excellent credit history with a mortgage and three vehicles, to arrive here and be treated like a school leaver


It's a problem faced by anyone moving to another country and wanting finance. It's not unique to UK. Since the credit crunch, the banks have become a lot stricter in deciding whom they advance funds to, to limit exposure to bad debts. Not having UK credit history means you are an unknown quantity and risk cannot be assessed.

If your employer offers car loan, take it. You will just have to build up good credit history by opening a bank account, taking out credit card (you may need to wait 6 months to a year) and using it responsibly. If you are a Commonwealth citizen, get your name on the electoral register (contact your local council). All this will help to build up good credit record which will eventually enable you to take out a loan.


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