I've just started a new job - can I still get car finance?

Approved by the Car Finance Advisory Board

Whether your application is approved after starting a new job will depend on your credit circumstances, the length of time you’ve been in the new job and your employment history.

If you have a Good credit rating, changing your job is unlikely to have much impact on your chances of being accepted for finance. If you have a Fair or Poor credit rating, you'll be considered as a higher risk to the lender and therefore they'll look more closely into your new job and your employment circumstances.

Ideally when starting a new job we would like to see 3 months' worth of pay slips from you as this will help us to determine whether or not your new employment is permanent.

If you haven't been in your new job for at least 3 months then we still may be able to help you. If you've been consistently employed in the past this will look favourably for you and may also help to reduce the interest rate that you'll pay back on the car loan.

Additionally if you've been in your new job for less than 3 months, some lenders will also consider your contract of employment as proof that you're in full time employment. This can be a great way of bypassing the need to have 3 months' salary proof.

What happens if my new job pays me less than my old job?

If you're applying for a new finance agreement then the lender will only consider your current circumstances and the income you're earning. This will be the information that determines whether or not you'll qualify for car finance.

If you already have an existing finance agreement then your new job will not affect your existing agreement. However, it's vital that you keep making the payments as the finance is your responsibility to pay.

Do I need to tell my car finance provider if I get a new job?

If you're applying for finance then the information you provide in your application will show us if you've started a new job. If this is the case your Customer Advisor will talk you through your options.

If you have an existing finance agreement, you don't need to inform the finance provider that your job has changed.

If you can’t find the topic you’re looking for here, please take a look at the rest of our Help section on employment or speak to one of our Customer Advisors today on 0800 1777 290 or by using our LiveChat service.

Published: 16/05/2016
Last Updated:31/01/2019
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If you require further assistance, our team of Customer Advisors are here to help. We're open six days a week - you can view our opening hours here - and we're more than happy to answer your questions.