Need a loan for a new car

pollyhi

Hello, I hope someone can point me in the right direction, but I'm having a complete nightmare trying to get a car loan. I was made br about two weeks ago. My husband was not and has no adverse credit, other than being linked to me. He is in full time employment and has been for over six months and earns a reasonable salary. We are no longer houseowners as we recently sold our house to try and clear some debts, and are therefore now in rented. We also changed bank accounts about a year ago because of the br. My husband has no credit cards. We do however have a reasonable monthly income and can more than afford the loan, we also have some money to pay towards the car, so the loan would be for about 2/3 the overall cost of the car. Standard highstreet lenders won't touch us, and we approached Norton finance who told us that we didn't meet any of their lenders criteria. We are trying to get a loan in my husbands name, not mine. Does anyone have any suggestions? Many thanks, polly

fiveyearplan

Hi Polly and welcome. If you already have 1/3 of the price of a car maybe you could save some more or downgrade the car you are looking for.

maxmycardagain

buy a cheap car with the 1/3rd youve got saved up

money_penny_26

hi polly i notice you said your hubby has no credit cards.it could be that he has not a good credit score if no cards.i doubt if its becauce of your b.r. hope this helps penny

Rafter

get hold of his credit report and see if you can get any financial associations with you lifted.

There are a lot of things counting against you.... renting, changed bank accounts etc.

Good luck

R.

serenity34_2

pollyhi wrote: »

Hello, I hope someone can point me in the right direction, but I'm having a complete nightmare trying to get a car loan. I was made br about two weeks ago. My husband was not and has no adverse credit, other than being linked to me. He is in full time employment and has been for over six months and earns a reasonable salary. We are no longer houseowners as we recently sold our house to try and clear some debts, and are therefore now in rented. We also changed bank accounts about a year ago because of the br. My husband has no credit cards. We do however have a reasonable monthly income and can more than afford the loan, we also have some money to pay towards the car, so the loan would be for about 2/3 the overall cost of the car. Standard highstreet lenders won't touch us, and we approached Norton finance who told us that we didn't meet any of their lenders criteria. We are trying to get a loan in my husbands name, not mine. Does anyone have any suggestions? Many thanks, polly

As you say you have a financial association with your husband you will not be able to get his 'dissociated' from you for cred ref purposes unless you were to be living at separate addresses. You will show up on his cred ref file so this is undoubtedly one of the main reasons for the refusal...

Creditors use 'credit scoring' not just the contents of your cred ref file to make decisions. I think these have already been pointed out but just to put it in one place for you the following will impact on your husband's ability to get credit:

• The fact that you wil show up on his cred ref file and are an undischarged bankrupt
• The fact that you have moved recently
• The fact that you have changed bank accounts
• The fact that you aren't homeowners
• The fact that he has been in his job less than 12 months

Lenders apply a 'score' to all different things and I'm not meaning to sound blunt but you have to remember that they have the right to refuse to lend you the money - the same as I would have the right to refuse if you asked me, for example.

I agree that you could maybe look at buying a cheaper runabout in the meantime. Also check that you are on the electoral roll for where you live now.

Your husband could also put a 'notice of correction' on his credit reference file to explain some of the above ( contact the cred ref agencies directly to do this free of charge ).

You could also try contacting an Independent Financial Adviser for a free consultation - they will usually have a good knowledge of the market and may be able to give more guidance.

And don't panic and apply for credit too often - remember the searches will leave a footprint on your husband's file for 12 months usually and too many of these can also have a negative impact.

I hope this is helpful