# Company director - Getting car finance?



## stevie5tapes (Aug 13, 2012)

I work with my wifes family, its a small company. Ive recently been made a director and I've gone from being paid a salary to getting my wage topped up by company profits. 

I'm in no rush to buy a new car but i'm thinking of changing cars next year and I will most probably need finance. Now I know that if I want a mortgage then the bank will want to see the company books but does this apply to getting car finance? 

Thanks all in advance for any help. :thumb:


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## WP-UK (Apr 24, 2011)

I would imagine if the car finance is a business contract, due to it being secured against the company they would want to see the records. 

I'm not an expert though so hopefully someone will correct if I'm wrong


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## stevie5tapes (Aug 13, 2012)

Hi WP, thanks for your reply. Sorry, I should have been a little clearer. I'm looking at personal finance, I only do about 6000 miles a year so its probably not worth getting a business car.

I know with a mortgage, as my wages are dependant on company profit then the mortgage provider would want to see the company books. I just wondered if this is the same for personal car finance?


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## WP-UK (Apr 24, 2011)

Ahh sorry I got the wrong message. Being truthful I am not sure as don't have car finance. When I took out finance on my watch they only asked what my estimated earnings were and took my word for it, I can imagine it might be different for a car though due to value and they might want proof of earnings.

Might be worth enquiring with the dealer you are looking at to see what they say. Sorry I can't be much more help


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## shl-kelso (Dec 27, 2012)

The new rules for mortgages take into account all of your financial commitments, so any car finance will stack up against you in the affordability tests. This will only be an issue if you need to borrow the maximum earnings multipliers, so if you need to borrow less you may be ok.


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## jcp (Oct 2, 2010)

shouldn't be too much of a problem for you aslongas you've got a good credit score
they just do a credit check on you now , no need to show wage slips 
best bet is when your looking to change car is to talk to a few dealers and tell them your position and they'll soon give you a honest answer


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## b9rgo1234 (May 3, 2009)

They shouldn't ask for any company finances as you are buying the car as a private individual. They make ask for payslips, but if you have a strong credit rating it shouldn't be an issue.


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