Car Finance?

MentalMinnie

Our car is on it's way out, something to do with the clutch and gear box. Quite upset, i was fairly fond of car :'-( My OH thinks it will last til it's MOT in Sept, but will fail on those points, and as the car is old it's not worth repairing. We'd planned to buy a car next year, by way of saving, but will now have to bring that forward to September. We should have a deposit of around £1000-1500 by then (we're getting married in 4 months, no spare cash before then) So looking at a car on finance, or getting a loan. Thinking of a total spend of upto £6000 as we are planning on keeping it long term as we plan to start a family in the next 3 years (hopefully) I have good credit, but i'm wary of applying for stuff. As i'm applying for the credit I want the car to be in my name, but I don't drive, at the moment (learning) Can the car remain in my name until he's paid it off? How easy is it to get car finance, are they very strict like a mortgage? Thanks in advance!

Curr946

well car finance should be a little easier to get than say an unsecured loan as if you dont pay they can take back the car. When I bought my car on finance I don't remember being asked for my annual income or driving licence, but i was asked for proof of insurance before i drop away.

I'm sure you can re-register the car in any name you like, as it states the keeper is not necessarily the owner but finance etc... im not sure. Just ask the garage when your in. Remember, you can own and insure a car on a provisional, you just can drive alone ;-)

chalkie99

No reason you cannot buy the car but if your husband-to-be is going to insure it (to make use of any No Claims Discount) then you will need to make sure the insurance company know he is not the legal owner. Some companies will accept that and others will not.

HP might be the easiest to get as the finance company have an interest in the vehicle until it's paid off.

MentalMinnie

I have an unsecured loan, with 3 months left to pay, so that must be a plus point? I also have 2 CC's with £4,500 limits, on which I own around £700 across both, although that *should* be almost paid off by the time I come to apply for car finance. I got in to bad debit at 18 and was blacklisted for quite a while. I've been completely clear for about 6-7 years, but i'm still wary of applying for credit, even though I have excellent CC's with good APR's and the loan. I'm a self confessed stresshead unfortunately

MentalMinnie

chalkie99 wrote: »

No reason you cannot buy the car but if your husband-to-be is going to insure it (to make use of any No Claims Discount) then you will need to make sure the insurance company know he is not the legal owner. Some companies will accept that and others will not.

HP might be the easiest to get as the finance company have an interest in the vehicle until it's paid off.

Do I sound like a right tight b!tch for not trusting my future husband?! I just want to protect myself incase we do split up before the finance is paid off. Otherwise i'll be stuck paying off the finance and he'll have a lovely shiney car!

MentalMinnie

Also, can you get 0% APR for used cars, or just on brand spankers? Is 0% only for the Alan Sugars of this world?

chalkie99

MentalMinnie wrote: »

Do I sound like a right tight b!tch for not trusting my future husband?!

Well....... I might have been thinking there was a lack of trust but, just for once, stopped myself from saying it.

When you have spent enough time on these forums though you realise it is probably the best way to do it.

0% finance - no such thing as a free lunch. Even if you could get it they would have bumped up the sale price.

malkyh

I always buy my cars with personal loans, simply because if I want to sell it privately before the loan period has ended I am not stuck with a financed (therefore unsellable) car.

The bonus of financing a car (as I found out) is that if it has issues that turns into a fight with the car dealer you bought it from, they can assist as it is actually their car.

Some insurance companies will not insure a car if the policy holder is not the registered keeper and legal owner. Once you are married, this should not cause an issue.

MentalMinnie

So...we talked about the car thing, he's not happy about the car being in my name given that he will be paying for majority of it (he will be the sole user til i pass my test) He also says that I can't be the legal owner of a car whilst on a provisional and that even if I could, it would mean I was the main insurance holder on the vehicle and the premium would be massive. I don't know what to say/do now...

DCFC79

The car owner doesn't have to be the main policy holder as already mentioned, look on the comparison sites and it asks you who is the owner of the car or words to that effect.

MentalMinnie

Thanks. I don't know whether to apply for a personal loan, or apply for actual car finance?!