Finance/Loan Credit Limit?

Rocky2_01

Hi,

This is my first post so i hope i've put it in the right section...

Me and my girlfriend are both planning to get new cars but unfortunately my girlfriend has a bad credit rating. I have a good credit rating so i am thinking of getting both cars in my name, either by getting a large loan or using finance, or even a mixture of the 2 (a loan for 1 car and finance for the 2nd car).

I am wondering if there is a limit as to how much credit 1 person could have i.e. me? I'm worried that if i get a car for me then i wouldn't have enough credit to get a second car.

Also we are saving a deposit for a house (currently only renting! ) so im worried that this may have an adverse effect when trying to get a mortgage in the future while we are still paying for the cars.

Any advice or information would be greatly appreciated.

Thanks

Peelerfart

My advice to you is - don't do it.

I'm sure you'll be together forever but if you're not,YOU will be liable for the finance on both motors.

Sorry to be cynical but sometimes life sucks.

chalkie99

I was going to say exactly the same.

There are loads of posts on these forums where exactly the same thing happened.

Rocky2_01

Thanks for the advice guys, but still do you have any idea whether i would be able to get a loan (e.g. £10k) and then another car on finance, hyperthetically?

Enfieldian

What a stupid bloody question.

I will answer it if you can tell me how long is a piece of string and what number I am thinking of.

jonesMUFCforever

To answer OP - yes there is nothing stopping you getting the loan if you are a good risk.
Others have pointed out the dangers to you.

Having a lot of unsecured debt MIGHT well affect the amount a lender might be prepared to lend to you as a mortgage.

KingElvis

Sounds possible but unlikely........

I would imagine you're heading for a heap of trouble if you pull this little stunt though.

Good luck.

drbesty

If you're saving for a deposit on a house why are you getting two new cars? Your girlfriend has a bad credit rating for a reason, she ain't good at paying her bills, I'd bare that in mind

KingElvis

drbesty wrote: »

If you're saving for a deposit on a house why are you getting two new cars? Your girlfriend has a bad credit rating for a reason, she ain't good at paying her bills, I'd bare that in mind

Amen, praise The Lord and pass the ammunition

CLAPTON

how much do you earn
how much in total do you wish to borrow
and yes the loans will be taken into account when you get a mortgage as obviously it affects your ability to reapy the mortgage (affordability)

Rocky2_01

Ok thanks all for the replies, point taken...:eek: