HP in my dad's name, but my car?

Thomas_C_2

OddballJamie wrote: »

Kids today. When I was younger I had to save up my pocket money and do jobs around the neighbourhood if I wanted something nice. Nowadays they just get their parents into debt for things.

Things were different back then, grandpa!

Parents these days like to help their children?

You don't know my circumstances.

OddballJamie

Thomas_C wrote: »

Things were different back then, grandpa!

Parents these days like to help their children?

You don't know my circumstances.

I'm 32 and have bought every car I've had myself, my last car was bought brand new and I saved up and paid cash for it.

I wouldn't dream of getting my parents into debt over something as trivial as a car. As I was brought up to not buy what I couldn't afford.

I don't have a problem with parents helping their kids out, such things as weddings or deposits to help them on the property ladder.

But I wouldn't dream of getting my Dad to take out finance for me over a shiny piece of metal, especially if I already had a car with outstanding finance.

As you are asking for advice on a money saving forum, he's some.
Buy a used car you can afford or pay off and keep the one you already own and concentrate on cleaning up your credit rating as you may need it one day.

Iceweasel

Thomas_C wrote: »

Things were different back then, grandpa!

Parents these days like to help their children?

You don't know my circumstances.

I don't think your dad is actually 'helping' you at all.

I rather get the impression that you're exploiting him to get a car that you can't afford.

Parent's these days find it difficult to say 'No' to their children.

I know I do.

I suggest you think again about burdening your dad with the responsibility of this transaction from which he benefits nothing.

That way you might well be saving him some money.

colino

Most finance companies like to keep it nice and simple, they are looking at their overall exposure so would want the purchaser to be the financer to be the RK. If your worried about the scenario you've pitched and your dad is willing, you get the finance and he can be the guarantor.

Herzlos

colino wrote: »

Most finance companies like to keep it nice and simple, they are looking at their overall exposure so would want the purchaser to be the financer to be the RK. If your worried about the scenario you've pitched and your dad is willing, you get the finance and he can be the guarantor.

That's largely the same burden on the dad but at a much higher rate.

Strider590

If the finance company doesn't think you should have finance, then perhaps you need consider whether buying cars on finance is really a good idea..... What's wrong with a good used motor?

OddballJamie wrote: »

I'm 32 and have bought every car I've had myself, my last car was bought brand new and I saved up and paid cash for it.

I too earned/bought every car (everything in fact) i've ever owned and paid in cash.

OddballJamie wrote: »

I wouldn't dream of getting my parents into debt over something as trivial as a car. As I was brought up to not buy what I couldn't afford.

I wouldn't get myself into debt, never mind the folks.

Debt is a system of control, the new religion.
They let us aspire to be "middle class", we buy stuff we can't afford and we get ourselves into debt doing it.
The truth is, it's all an illusion..... There are only 2 real classes, it's the super rich THEM and poor debt ridden US, our false middle class aspirations simply make THEM richer and US poorer.

marlot

Thomas_C wrote: »

He has struggled to get a personal loan so not really an option.

Have explored it.
...

I really hope you have a secure income, and can be completely sure of making the payments. If not, you'll trash what little credit score he has as well as your own.

I wouldn't put my parent in this position.

McKneff

Thomas_C wrote: »

Things were different back then, grandpa!

Parents these days like to help their children?

You don't know my circumstances.

Parents in the old days also liked to help their children but the
children weren't of culture that they wanted it all, and they wanted it now.

Thomas_C_2

OddballJamie wrote: »

I'm 32 and have bought every car I've had myself, my last car was bought brand new and I saved up and paid cash for it.

I wouldn't dream of getting my parents into debt over something as trivial as a car. As I was brought up to not buy what I couldn't afford.

I don't have a problem with parents helping their kids out, such things as weddings or deposits to help them on the property ladder.

But I wouldn't dream of getting my Dad to take out finance for me over a shiny piece of metal, especially if I already had a car with outstanding finance.

As you are asking for advice on a money saving forum, he's some.
Buy a used car you can afford or pay off and keep the one you already own and concentrate on cleaning up your credit rating as you may need it one day.

I can afford it with my income though, but it's because I've had very little credit before and have a silly £15 default. We're also not on the electoral.

I'm clearing my finance on my current car.

I've always paid my dad back so he's happy to do it for me.

photome

Thomas_C wrote: »

I can afford it with my income though, but it's because I've had very little credit before and have a silly £15 default. We're also not on the electoral.

I'm clearing my finance on my current car.

I've always paid my dad back so he's happy to do it for me.

That was in the past, you cant gtee the future, what happens if you find yourself in a position where you cant pay the debt?

What will your dad do then?