Can I Get Car Finance if I have Just Moved to the UK?

Absolutely! At Fleet UK, we offer affordable PCP (Personal Contract Purchase) and HP (Hire Purchase) car finance deals, tailored for people who have recently moved to the UK.

Moving to a new country comes with its challenges, from navigating new laws to settling into a new community. If you’ve recently relocated to the UK, purchasing a car is likely at the top of your to-do list. At Fleet UK, we specialise in providing flexible and affordable car finance options to help you get on the road swiftly and smoothly.

We recognise that every individual’s situation is unique, especially for new residents without a lengthy UK credit history. So, whether you're looking for a Personal Contract Purchase (PCP) or Hire Purchase (HP), we have the expertise to guide you through every step of the process.

What is Used Car Finance?

Understanding car loans in the UK can be challenging for international residents. Used car finance allows you to own a car without paying the full amount upfront. Instead, you agree to pay the cost over an agreed period, making it easier to manage financially. This is an excellent option for those who prefer to spread out their car expenses into manageable monthly payments.

How Does Financing a Used Car Work?

Financing a used car involves a few simple steps.

• Choosing Your Car: Select from our range of quality used vehicles that fit your needs and budget. We can also source any make & model to your exact specifications, just get in touch!

• Pick the Finance Option: Decide between HP or PCP based on what suits your financial situation best.
• Agree on Terms: Settle on the deposit amount, monthly payments, and the duration of the finance agreement.
• Finalise the Finance: After approval, sign the agreement. You can then drive away in your new vehicle, paying off the balance in instalments.

Explore Your Finance Options - How to Secure Car Finance as a New UK Resident

Are you an international resident in the UK? Do you want to know more about how to get car finance after moving to the UK? Take a look at the best car finance options for new UK residents below, and how we can help you.

Hire Purchase (HP)

This option is ideal if you intend to own your car outright at the end of the finance term. You pay an initial deposit, followed by monthly payments that cover the remaining balance plus interest. After the final instalment, you own the car.

Personal Contract Purchase (PCP)

PCP offers flexibility at the end of the agreement: return the car, keep it by paying a final 'balloon payment', or trade it in. This plan's monthly payments are usually lower than HP, as they cover the car's depreciation rather than its full value.

Benefits of PCP Car Finance

• Lower Monthly Repayments: Typically, monthly payments under PCP are lower than those under Hire Purchase agreements, making them ideal for new UK residents who need affordable solutions.
• Flexibility: Offers more end-of-agreement options compared to other finance types. 
• Accessibility: Available for nearly new and used cars with no or low initial deposit.
• Fixed Payments: Enjoy the certainty of fixed monthly payments throughout the term of your agreement.

Benefits of HP Car Finance

• Affordable Payments: Spread the cost over time with manageable monthly payments.
• Low to No Initial Deposit: Start your finance with little to no upfront payment.
• Flexible Terms: Choose repayment periods from 12 to 60 months to best suit your budget.
• Fixed Costs: Enjoy the certainty of fixed monthly payments and interest rates throughout the term, making it a common choice for new UK residents seeking stable long-term finance solutions.
• No Mileage Limits: Drive as much as you want without the worry of mileage penalties.
• Ownership Options: Complete your payments and own your vehicle outright without any balloon payment.

Can I Get PCP Car Finance If I Am New To The UK?

Absolutely, securing a PCP finance deal after moving to the UK is straightforward with Fleet UK. We collaborate with specialist lenders adept at handling various credit circumstances, ensuring that you receive the best possible approval.

Average representative APR: 12.9%.

What to Consider Before Taking out a Personal Contract Purchase Deal

• Mileage Limits: Set an agreed mileage at the start. Exceeding this limit could incur extra charges.
• Vehicle Condition: Charges may apply for excessive wear and tear.
• Early Termination: To end your agreement early through voluntary termination, you must have paid at least 50% of the vehicle’s total value.

Read our detailed guide on PCP options here.

Can I Get HP Car Finance If I Am New To The UK?

Yes of course, if you’re struggling with getting approved for finance, Hire Purchase might be the solution. At Fleet UK, we specialise in vehicle finance, offering access to a diverse range of lenders who consider all credit histories. HP agreements are secured loans, which means the vehicle is collateral, reducing risk for the lender and often enabling approval for those with limited credit history and are new to the UK. Regular, on-time payments can also help improve your credit score, providing you with more financial flexibility in the future.

Average representative APR: 12.9%.

What to Consider Before Taking out a Hire Purchase Deal

• Ownership: You will not own the vehicle until you’ve made the final payment.
• Modifications: You can not sell or modify the vehicle during the term without obtaining permission first.
• Monthly Payments: The monthly payments can sometimes be higher than Personal Contract Purchase.

Read our detailed guide on HP options here.

Custom Vehicle Sourcing at Fleet UK - Any Make, Any Model

Finding the perfect vehicle that fits all your specifications can be challenging, especially if you’re new to the UK. At Fleet UK, we specialise in sourcing a wide range of used vehicles, offering a bespoke car buying experience that meets all your specific needs.

Our Vehicle Sourcing Service Includes:

• Wide Range of Options: Whether you are in the market for a compact EV, a luxury coupe, or a sturdy SUV, we can source any make and model you desire.
• Custom Specifications: From the engine size, colour, and interior features to advanced technology options, tell us what you need, and we will find the best match for you.
• Quality Assured: All vehicles are thoroughly inspected and come with a complete history check to ensure top quality and your peace of mind.
• Competitive Pricing: Leveraging our extensive network of dealers, we secure the most competitive prices, passing on the savings to you.
• Hassle-Free Process: We handle all aspects of the sourcing process, including negotiations, paperwork, and compliance checks, making your car buying experience smooth and hassle-free.

Whether you have specific needs because of family size, personal taste, or driving preferences, our team at Fleet UK is committed to finding you the ideal vehicle that you’ll love to drive. Let us do the work for you and deliver your perfect car right to your doorstep.

Can I Part Exchange my Current Vehicle?

Yes, we offer you the opportunity to part exchange your existing vehicle, which you can use as a deposit when financing any of our cars. We will offer you a competitive and fair part exchange value so that you don’t have the hassle or worry of trying to sell your vehicle privately.

Want us to quote you for the value of your vehicle? Click here to obtain a quote.

Eligibility and Application Process

Required Documents

To apply for car finance, you'll need:

• A valid form of ID (passport or full UK driving licence)
• Proof of income (recent payslips or bank statements)
• Proof of UK residence (utility bill or tenancy agreement)
• Right to work VISA (with at least 2 years remaining on your current work visa)
• UK Bank Account

Step-by-Step Application

• Complete the Application: Fill out our finance application form with all required documents.
• Approval Process: We will review your application and work to get your finance approved through our network of lenders.
• Vehicle Selection: Once approved, choose your vehicle from all makes & models.
• Sign and Drive: Sign the finance agreement and drive away in your new car.

Tips to Increase Finance Approval Chances

• Deposit: Offering a higher deposit can reduce the borrowing amount and the risk for the lender, increasing your chances of approval.
• Budget Wisely: Choose a car that meets your needs without exceeding your budget. Lower cost vehicles require smaller loans, which are easier to approve.

Building Your Credit Score in the UK

If you're new to the UK, you might not have a substantial credit history, which is crucial for securing car finance. Contact us to see if you’re eligible as we specialise in used car finance options for new UK residents!

Helpful Tips to Build your Credit Score:

• Make sure you are registered on the electoral roll.
• Open a UK bank account and manage it responsibly.
• Apply for a small credit builder loan or a credit card to establish creditworthiness.

Refer a Friend Program

At Fleet UK, we value the power of recommendations and believe that sharing great experiences should be rewarded. If you’ve enjoyed our services and know someone who’s new to the UK and in need of a reliable car finance solution, our Refer a Friend program is perfect for you.

How It Works:

• Refer a Friend: Simply share your experience with Fleet UK with friends or family who are looking for used car finance.
• Your Friend Applies: When your friend applies for car finance with us, make sure they mention your name and details as the referrer.
• They Purchase a Vehicle: Once your friend successfully purchases a vehicle and it is delivered, you qualify for the reward.
• Earn £100: We’ll thank you with a £100 reward for every successful referral who buys a car with us.

It’s our way of saying 'thank you' for helping us grow our community and ensuring your friends benefit from the same great level of service you did. Start referring today and earn rewards for each friend who becomes a Fleet UK customer!

Why Choose Fleet UK?

At Fleet UK, we specialise in providing flexible and affordable car finance options, so when you've recently relocated to the UK and have a lacking credit history, we are here for you. Our Personal Contract Purchase (PCP) & Hire Purchase (HP) agreements are designed to provide a straightforward path to car ownership, regardless of your situation.

• Customer Testimonials: Hear from those who’ve navigated their car finance journey with us.

• Transparent Fees: We offer competitive rates with no hidden costs.
• Tailored Service: Our finance experts will help you find the best finance arrangement for your circumstances.

Not near us? Don’t worry, we can deliver straight to your door or anywhere in the UK!

Ready to explore your used car finance options in the UK? If you are a new UK resident, Fleet UK has the perfect car loan solution for you. Contact us today at 02392 245570!

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Disclaimer: All information and links are correct at the time of publishing.

FAQS

How Long Do I Need To Have Been In The UK?

There is no specific time requirement for how long you must have been in the UK to qualify for car finance. The most important factor for approval is not the duration of your stay but rather having all the necessary documentation in order. To proceed with your car finance application, please ensure you can provide the following: A valid form of ID (This can be your passport or a full UK driving licence), proof of Income (Recent payslips or bank statements are required), proof of UK residence (A utility bill or tenancy agreement will suffice), right to work VISA (This document is needed to confirm your eligibility to work in the UK), UK bank account (Proof of a UK bank account is necessary).

Can I Apply for Car Finance If I Have Just Moved to the UK?

Yes, Fleet UK provides car finance for new UK residents with flexible terms, as long as you have the required documentation, then we will do our best to provide you with a quote for car finance. Please contact us on 02392 245570 to discuss your options!

Do Credit Histories In Other Countries Count?

Unfortunately, in most cases, your credit score doesn’t count if it was accumulated in a different country. So, even if you have demonstrated you can borrow responsibly and manage your finances in your previous country of residence, this won’t follow you to the UK.

This can be incredibly frustrating as you basically have to start from scratch. But it’s not all bad news, at Fleet UK we can use our vast network of lenders to find a finance option which works for you!

What are the visa requirements for applying for car finance?

To apply for car finance at Fleet UK, if you are not a permanent UK resident, you must have at least 2 years remaining on your work visa at the time of your application. For further details or if you need assistance with your application, please contact our customer service team.