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Car Loan

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immy
immy Posts: 227 Forumite
in Loans
My wife is looking to take out a loan to purchase a car...however at the moment she is not working and is a "house wife"....the repayments would be met by myself.

Is there any loans that would consider household income rather than employment income as criteria?
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Comments

  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    immy wrote: »
    My wife is looking to take out a loan to purchase a car...however at the moment she is not working and is a "house wife"....the repayments would be met by myself.

    Is there any loans that would consider household income rather than employment income as criteria?

    You mean are there any lenders that would consider household income rather than employment income as criteria?
  • immy
    immy Posts: 227 Forumite
    Yeah thats what i meant :)
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 22 April 2014 at 2:37PM
    immy wrote: »
    Yeah thats what i meant :)

    Maybe there are, I dont know of any but then im not in a position to know.

    Why dont you take out the loan ?
  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    1,000 Posts Combo Breaker
    Do you mean that your wife wants to apply for a loan solely in her name that will take household income instead of just her income into account?
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • immy
    immy Posts: 227 Forumite
    Yes , The loan will be solely in her name and the car will be in her name also.
    Repayment of loan will be from household income.
    She is joint mortgage holder with myself.
  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    1,000 Posts Combo Breaker
    I can't say with 100% certainty, but I wouldn't think so. I think if you're determined to go down the loan route it would need to be you to apply and not your wife.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • Tixy
    Tixy Posts: 31,455 Forumite
    Unlikely these days. Given that legally she will be responsible for repayments.

    Do you share a joint account? if so then your own bank may be a slim possibility as they will be able to see and assess the joint account.

    A joint loan would be a more likely prospect, and if you are intending to make repayments anyway and are already financially associated on your credit files then it shouldn't make much difference to you in practice?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Tixy
    Tixy Posts: 31,455 Forumite
    Even more unlikely then. As you have a joint mortgage then any credit applications she makes will involve a check on your credit file and the bankruptcy will obviously be visible.

    How long ago was your bankruptcy? are you discharged?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Still a no no in my opinion.
  • fuzzgun19
    fuzzgun19 Posts: 7,767 Forumite
    Part of the Furniture 1,000 Posts
    I managed to get car finance from a dealer last year, and I'm a HW. For some reason they put my name and DH work details on the agreement, I don't know if they just did this to push the finance through with Santander, I didn't ask them to.
    I was pretty amazed it all went through, and only noticed these details afterwards.
    I Hate Jobsworths!!!
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