Car Finance help!!!!

MrsS007

Hi in need of some advice!

My credit rating is crap and my car jut failed its mot so badly it had to be scrapped!! I work full time and paying for finance would not be a problem but due to my stupidity web I was younger nobody will touch me!
My parents have kindly offered to finance a car for me in there name and i will pay them each month, however we are not sure how it works. Would the car have to remain in my mums name or can we get it I'm my name? Is it purely down to the dealership/finance company?

Thanks in advance :-)

MrsS007

Excuse spelling mistakes please!

forgotmyname

The finance may insist the car in the persons name that takes the credit.

Some insurers may insist the cars owned and registered to the insurer.

The finance is the main one. If you think i will swap after a few weeks they may pickup on that and ask for the full balance being paid immediately.
So not worth risking that.

Insurance. Either find a company that dont have that clause or insure the car in the name of whoever takes the finance and put you as the main driver and your address as the place where it will be kept.
Thats important..

Whatever you can save this month. Use that to buy a car and forget the finance.
They always said the only thing thats lasts forever on a car is the finance.

SeanG79

If you assign yourself as the registered keeper but have the finance in your mum's name, if the bank realise this, they deem it as accommodation/fronting and will terminate the agreement. Repossess the vehicle/demand full payment.

mambo69

get your parents to get a bank loan, then you dont have the same issues

Shack_attack

I took out finance with Santander Consumer Finance 2 years ago on a 3 year PCP for a new car. My credit rating was in a similar situation to yours after some silly mistakes a year or so ago.

They agreed to put the finance in my name and use my mum as guarantor. She didn't have to give any bank details and it doesn't affect her credit rating but is under my name and helps me build my credit history.

The finance company might do this on a case by case basis but it's worth making some quick enquiries?

bloghog

Bank loan in parent's name is the best way to go then it is not linked to the car and you can register and insure it in your name.