Financing a second car?

JuniorDesigner

Hi there,

I am today about to pick up a new car from Mini on a no part exchange deal. We currently have a car with Mini that is near it's end of agreement.

All along we have been thinking along the lines of VT'ing the old car and carrying on with the new one but we have started to think about keeping the old one, paying the balloon payment and running with the two cars.

I am wondering whether this is possible? I will be the person on the finance agreement for both cars also.

Any help or advice would be greatly appreciated :j

Amy.B_3

Don't see why not, you can lease as many cars as you like!

Pay the balloon payment and start the whole process again.

They'll check your financial records, but all else should be fine

JuniorDesigner

Amy.B wrote: »

Don't see why not, you can lease as many cars as you like!

Pay the balloon payment and start the whole process again.

They'll check your financial records, but all else should be fine

Thank you for the reply, I am hoping this is the case

dannyrst

Your credit score will be impacted, taking out loan after loan will reduce your credit so keep this in mind if you are applying for a mortgage or re-mortgage in the near future (or credit cards, phone contracts...you get the idea).

JuniorDesigner

dannyrst wrote: »

Your credit score will be impacted, taking out loan after loan will reduce your credit so keep this in mind if you are applying for a mortgage or re-mortgage in the near future (or credit cards, phone contracts...you get the idea).

Ah ok thank you, I don't suppose you know if you can transfer your finance to your spouse can you?

forgotmyname

Ive owned 6 cars at one time, not PCP but as long as your credit worthy enough there is not reason why you cannot have many cars on PCP.

Dont forget you can only use your no claims on one vehicle though.

bigjl

JuniorDesigner wrote: »

Ah ok thank you, I don't suppose you know if you can transfer your finance to your spouse can you?

I doubt that would be possible

Though you could always get a personal loan in your partners name and use that to pay off the balloon.

Can't see how having multiple finance agreements at the one time can only be positive for your credit rating if you are able to afford them.

Applying and getting turned down may do some damage especially if the reason is they thought you were over committed.

Life's too short to worry, if you are in a position to meet the payments then fill your boots.

As years go buy and you have other commitments you may not be able to enjoy things such as new cars as often.

JuniorDesigner

Thanks everyone for the advice, we picked our new car up last night and the dealer seemed pretty satisfied that there shouldnt be a problem!