sipar69 Posted October 31, 2014 Share Posted October 31, 2014 I'm curious to know how much information people who bought their car on finance were asked to provide. It occurred to me the other day when I was reading an article about it that when i bought the first 370 they wanted a lot of info to prove income, employment, outgoings etc. but the second and third time around they didn't even ask for income, let alone to see proof. I could understand the different approach if it was the same finance company but it's been a different one each time. What have others had to provide? Quote Link to comment Share on other sites More sharing options...
370Ad Posted October 31, 2014 Share Posted October 31, 2014 (edited) So the second and third time you managed to secure a car without proving a monthly income? No wonder so many people are in debt that they can't get out of. Can't help you on the finance front dude, always buy my cars outright. That's why I have a 59 plate and you have a Nismo Edited October 31, 2014 by 370Ad Quote Link to comment Share on other sites More sharing options...
KyleR Posted October 31, 2014 Share Posted October 31, 2014 I took a loan out to buy the M6, did it online and they asked how much I made, but never asked for proof of anything. Quote Link to comment Share on other sites More sharing options...
WhackyWill Posted October 31, 2014 Share Posted October 31, 2014 Never had a car on finance. Maybe that's why I have a 2006 Zed and not a 2014 GTR..!! 2 Quote Link to comment Share on other sites More sharing options...
twobears Posted October 31, 2014 Share Posted October 31, 2014 Interesting question! I just bought Stanley the ST3 on finance because it was such a good deal that I couldn't refuse, and I don't even work. I know they asked for some financial details but I was honest about not working so I guess they took Mr TwoBears wage into account and yet they certainly never asked him what he earnt Do they just check you have no outstanding CCJs or something like that I wonder? Quote Link to comment Share on other sites More sharing options...
Mudman Posted October 31, 2014 Share Posted October 31, 2014 I lease ( 3 year) my daily drive and had to send in 3 months of pay statements and was credit checked etc Quote Link to comment Share on other sites More sharing options...
twobears Posted October 31, 2014 Share Posted October 31, 2014 I am not 100% sure what credit checking involves but I know they did credit checks on me (us?). They definitely didn't ask for proof of earnings from either of us though. They had our bank details for the direct debit but the bank wouldn't be allowed to give out details I don't imagine? Quote Link to comment Share on other sites More sharing options...
hensh65 Posted October 31, 2014 Share Posted October 31, 2014 They use your credit report, I got finance on the German Whip last month. They didn't ask how much I made they just asked all the details about my employment, dates starting and work address. All I had to bring was both parts of my licence. No pay slips at all. I wonder if the amount you are taking out effects how much details you need to provide. Maybe the process for taking finance on a £15K car is different from a £35K car! Quote Link to comment Share on other sites More sharing options...
ioneabee Posted October 31, 2014 Share Posted October 31, 2014 I wonder if the amount you are taking out effects how much details you need to provide. Maybe the process for taking finance on a £15K car is different from a £35K car! nope - same - they just appear to use your credit score Quote Link to comment Share on other sites More sharing options...
pjf1985 Posted October 31, 2014 Share Posted October 31, 2014 We use 2 different finance companies at work. One asks for your yearly earnings but the other company doesn't. Even still, it doesn't ask for any proof of your earnings... Quote Link to comment Share on other sites More sharing options...
twobears Posted October 31, 2014 Share Posted October 31, 2014 (edited) What does the credit report show exactly? Does it just provide details of any defaults or bankruptcy and CCJs or do they know how much you owe on your card(s) at any given point as well? We always pay ours off in full so not much to find out there and we've never been in debt aside from the mortgage and this car loan and other small interest free loans so I am guessing our reports would be ok? I thought I might have problems because I have no wage but it didn't seem to matter. They were talking to Mr TwoBears about his job but I am not sure if that was in a formal sense or just gossiping about the automotive industry Edited October 31, 2014 by twobears Quote Link to comment Share on other sites More sharing options...
hensh65 Posted October 31, 2014 Share Posted October 31, 2014 What does the credit report show exactly? Does it just provide details of any defaults or bankruptcy and CCJs or do they know how much you owe on your card(s) at any given point as well? We always pay ours off in full so not much to find out there and we've never been in debt aside from the mortgage and this car loan and other small interest free loans so I am guessing our reports would be ok? I thought I might have problems because I have no wage but it didn't seem to matter. They were talking to Mr TwoBears about his job but I am not sure if that was in a formal sense or just gossiping about the automotive industry Your credit report shows how much money you have had available to you at any given point in the year. It also will tell you exactly how much money is against your names in the form of finance/loans not sure if mortgage is attached as well ( don't have one so wouldn't know) Quote Link to comment Share on other sites More sharing options...
Flex Posted October 31, 2014 Share Posted October 31, 2014 What does the credit report show exactly? Does it just provide details of any defaults or bankruptcy and CCJs or do they know how much you owe on your card(s) at any given point as well? We always pay ours off in full so not much to find out there and we've never been in debt aside from the mortgage and this car loan and other small interest free loans so I am guessing our reports would be ok? I thought I might have problems because I have no wage but it didn't seem to matter. They were talking to Mr TwoBears about his job but I am not sure if that was in a formal sense or just gossiping about the automotive industry Your credit report shows how much money you have had available to you at any given point in the year. It also will tell you exactly how much money is against your names in the form of finance/loans not sure if mortgage is attached as well ( don't have one so wouldn't know) Er, it does NOT show how much money you have/available to you. It shows each item borrowed and the repayment history on them. And any CCJs etc. Quote Link to comment Share on other sites More sharing options...
BulletMagnet Posted October 31, 2014 Share Posted October 31, 2014 There was a guy called Daniel Haas on the Facebook page earlier today, offered loans from €1000 - €5,000,000 2 Quote Link to comment Share on other sites More sharing options...
4RE Leather Posted October 31, 2014 Share Posted October 31, 2014 Never had a car on finance. Maybe that's why I have a 2006 Zed and not a 2014 GTR..!! You can afford it with your stash Whacko! You just to tight Quote Link to comment Share on other sites More sharing options...
Stutopia Posted October 31, 2014 Share Posted October 31, 2014 (edited) Checking your income is practically pointless anyway, you could employed today and then unemployed 2 days after the agreement is signed. All it really confirms is your current capactity, and most people lie about thier outgoings anyway (not all credit and bills are on your credit records). The only real indicator of a payer is history. There'll be plenty of people who kept up payments, even if they lost thier income, these are the people they want to do business with. I've seen enough credit histories to know that there are plenty of the other kind, who could afford to pay their debts, but don't bother. Best ever excuse for a missed mortgage payment, "I needed a new phone." "So tell me Mr X why on earth would I arrange this secured loan for you?" Edited October 31, 2014 by SuperStu 1 Quote Link to comment Share on other sites More sharing options...
370Ad Posted October 31, 2014 Share Posted October 31, 2014 So if they dont check you can afford the financial payments then what is stopping someone on 50k getting a loan for a 200k car?! Quote Link to comment Share on other sites More sharing options...
Ekona Posted October 31, 2014 Share Posted October 31, 2014 Trust me, when you get to that level they do 2 Quote Link to comment Share on other sites More sharing options...
sipar69 Posted October 31, 2014 Author Share Posted October 31, 2014 (edited) Interesting replies, thanks folks. It seemed a bit odd to me that one finance company wanted a ton of proofs and another didn't want any. I'm just popping out now to finance my new McLaren and Ferraris Edited October 31, 2014 by sipar69 2 Quote Link to comment Share on other sites More sharing options...
Ekona Posted October 31, 2014 Share Posted October 31, 2014 I had to supply a lot of info when I bought my 911, but then I was a first time customer so I wasn't too surprised by that. Quote Link to comment Share on other sites More sharing options...
sipar69 Posted October 31, 2014 Author Share Posted October 31, 2014 Yep - maybe I benefited from being a repeat Nissan customer. Be interesting to see what happens next time if I go elsewhere..... Quote Link to comment Share on other sites More sharing options...
Zeezeebaba Posted November 1, 2014 Share Posted November 1, 2014 Maybe things have changed since the economic downturn,lenders may be following more stringent guidelines. The last time I financed a car was in 2001 and all they were interested in was my credit score. Quote Link to comment Share on other sites More sharing options...
gangzoom Posted November 1, 2014 Share Posted November 1, 2014 (edited) Only car I financed was the Z, bought right at the height of the financial bubble, virtually no checks, no need for documents/bill, all done and approved in a few minutes....From what I remember even the mortgage didn't take much longer to approve....ahh the good old days of irresponsible / carefree lending. Don't think it'll ever be that easy to borrow money again in my lifetime:) Edited November 1, 2014 by gangzoom Quote Link to comment Share on other sites More sharing options...
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