Reply With QuoteThere’s no harm in her trying, they can only say no.
Motor finance is one of the easiest ways to get finance in order to build up a credit score.
The wife had always worked so had earnings coming in to get finance for her previous motors.
She hasn’t worked for a couple of years now. Can she still get finance or should I apply for it for her new car?
For info, we have a joint current account if that makes any difference?
Cheers,
Adam.
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There’s no harm in her trying, they can only say no.
Motor finance is one of the easiest ways to get finance in order to build up a credit score.
It might be possible. But would make more sense in your name. As her husband you would be liable anyway.
It's just a matter of time...
I had this exact problem and had to get the finance in my name as she couldn’t pass an affordability check due to not having an income. This in itself caused an issue as the car then needed to be signed over to her for insurance purposes. Got there in the end but this was using VAG finance.
Cheers folks.
Adam.
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I remember getting my first ever bank loan to buy a motorbike, when I was studying with no income. They gave me the cash to buy an FZR400R - very kind of them. Whilst my best friend, who had been working for over a year, was told by his bank manager to keep working for another 12 months and come back - he was only looking to buy a cheap run around car!
Different companies will have different policies.
It's just a matter of time...
Can you get an interest free credit card with a decent limit on it? No sense paying interest if you don't have to.
One daughter got £10k interest free on a Virgin money card over 41 months to buy a car.Originally Posted by Templogin
The other daughter picked up an Aygo today on 42 months interest free credit from Toyota with £1500 scrappage for her old one which was only fit for scrap as the steering rack went and would have cost a minimum of £1000 to get fixed.
I know it’s all built into the price but she’s got a brand new car cheaper than a three year old one.
Last edited by Dave+63; 19th April 2018 at 21:34.
Makes me smile when people do this.
Getting a new car makes them smile as well ......
Why would that be?
R
Ignorance breeds Fear. Fear breeds Hatred. Hatred breeds Ignorance. Break the chain.
Ok, it's possible that you wouldn't be affected but unlikely. If you both own the family home, you most definitely are affected.
It's just a matter of time...
I’ve edited my post to show some additional reasoning behind both decisions.
I also know that they’re both driving decent cars and don’t have to worry too much for the next few years. Far better than them driving old bangers!
Except daughter 1 bought a depriciated car interest free and in 41 months will own a car, daughter 2 in 42 months time will own nothing - but yes in terms of out goings & probable running costs it must be a very close thing !
I don't agree. One spouses debt is not the responsibility of the other spouse and in the case of a car loan it is unlikely to be secured on the property - and even if it where the lender would be requiring the other spouse to become a signatory to the loan or act as a guarantor.
R
Ignorance breeds Fear. Fear breeds Hatred. Hatred breeds Ignorance. Break the chain.
How will daughter 2 own nothing in 42 months? She will own an Aygo having paid zero interest on it.
At month 42, she’ll still owe about £3,800 which she can refinance the best way possible. Yes she’ll owe nearly £4K on a three year old car but identical three year old cars that she’s looking at today are £6500-£7000. She will have had three and a half years at 0%.
Let’s face it, anyone who has a car is paying for it, it’s finding the most cost effective way of paying for it that’s important. It really was more sensible for her to buy new than buy the same car at three years old in this instance.
She’d already decided on another Aygo as she’d done her research and concluded that it was the cheapest car to run.
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