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Car finance for contractors

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My husband has been IT contracting for the last 17 years. He has a 6 month contract for a mining company but all they do is contracts in 6 month increments, which is fine by us. But we were hoping to buy a new car and not clear out all of our savings considering the exchange rate. He has been talking with a car broker that was recommended my a friend of his and she in turn spoke with a finance broker and they said they won't even consider him given that his contracts will only ever be in 6 month increments and it is too much risk. They actually told him to go back to his employer and ask for an extension. They obviously don't understand how contracting works. He has been told this position will go on for several years but of course they cannot guarantee that.

 

Does this sound right? We have had large mortgages before with only contracts with 6 months guaranteed work. Would it be better to speak directly with a dealer or are we going about this the wrong way?

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Maybe they could write a letter stating that although there is plenty of work available it is company policy to only hand out 6 month contracts, is he doing IT in the mines? If so some finance companies will class the job that you previously did as well as your current job. I think it's worth having a ring around and seeing if anyone can help.

Kate


If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

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we bought a car recently, but used cash. However Honda Aus tried desperately to to give us car finace, all they wanted was proof of address, three months worth of wage slips and a credit check.

 

There's no real need for them to know that he is a contracter if he can provide the requested information and can service then loan.

 

There's always the car finance specialst people. Probably worth speaking directly to the dealer, or checking their T&C online.

Even speak to the financial advisor directly. The message could have been distorted by your friend (not deliberately obviously)

 

actually I just noticed your location as Northamptonshire: Are you in the UK or in Australia? Was your mortgage in the UK or in Australia, and if so how long had you been there before you got it? And are you applying for car loans in UK or Aus?

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Exile,

 

I am still in Northamptonshire and my husband is in Australia. Our mortgages have been in the UK and my husband got his first mortgage within days of leaving university and continued getting them up until our current house. He is a died in the wool contractor.

 

Thank you all for your ideas. I passed them onto my husband and will let him deal with it. Hopefully it won't resort to using our savings but we will if necessary. Just need a car to fit us all when we arrive next month.

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Guest carlj3108

Hi,

 

on a similar note....we are moving over to Perth later this year and while we get settled / find jobs in Oz I'm going to continue working for a company in the UK - all computer based etc. so can be anywhere in the world.

Do you think providing I have a letter from the company / proof of income etc there would be any problems in obtaining car finance or other credit?

 

Hope that makes sense

Carl

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