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newklear
Expert Member
- Joined
- Apr 15, 2008
- Messages
- 1,458
Recently my boss asked me to collect his vehicle (Audi A6 3.0 TDI) after sending it in for a service. Upon handing him the key he asked me how it drove, the car drove beautifully, was quite difficult to contain what driving pleasure it brought me, absolutely loved it.
He asked if I would like to buy the vehicle and replied straight away "it was out of my price league", anyway my boss had a bit of a chuckle and has offered me the car at almost a 1/3rd of the book value. Obviously an offer I would not like to turn down let alone lose.
I have been living and working out of South Africa for the last five or so years. I returned this year, purchased a vehicle cash. I now realise after sending a few vehicle finance applications out that I do not have a credit score. Some of the brokers/agencies I have gone through have submitted the decline status with the message mostly along the lines of:
"No recent bureau or retail references
You have no current open retail or installment accounts reported to the credit bureau. Without a positive credit track record there is uncertainty on how the client will conduct a new credit facility."
I earn a reasonable salary and have a good amount of disposable income after all deductions and monthly bills. I have a Telkom account and pay rent.
I have an investment portfolio of both shares and kruger rands. Everything else I purchase is mostly as cash and have never thought I would be crippling myself when it came to vehicle finance.
I understand the correct solution would be: "Go open up more accounts, open more clothing accounts, take out a new cellphone on a contract etc.."
Do I have any other options, other than having to sell some shares or kruger rands ? I need to be able to secure vehicle finance for this vehicle as soon as possible without using any dodgy vehicle finance houses.
He asked if I would like to buy the vehicle and replied straight away "it was out of my price league", anyway my boss had a bit of a chuckle and has offered me the car at almost a 1/3rd of the book value. Obviously an offer I would not like to turn down let alone lose.
I have been living and working out of South Africa for the last five or so years. I returned this year, purchased a vehicle cash. I now realise after sending a few vehicle finance applications out that I do not have a credit score. Some of the brokers/agencies I have gone through have submitted the decline status with the message mostly along the lines of:
"No recent bureau or retail references
You have no current open retail or installment accounts reported to the credit bureau. Without a positive credit track record there is uncertainty on how the client will conduct a new credit facility."
I earn a reasonable salary and have a good amount of disposable income after all deductions and monthly bills. I have a Telkom account and pay rent.
I have an investment portfolio of both shares and kruger rands. Everything else I purchase is mostly as cash and have never thought I would be crippling myself when it came to vehicle finance.
I understand the correct solution would be: "Go open up more accounts, open more clothing accounts, take out a new cellphone on a contract etc.."
Do I have any other options, other than having to sell some shares or kruger rands ? I need to be able to secure vehicle finance for this vehicle as soon as possible without using any dodgy vehicle finance houses.