Co-Applicant

Frankp2112

Hi,


My wife and I are thinking about a new/newer car in the new year.
The issues is my wide has a good credit score (470 Equifax) and I have a poor score due to a default my score is (360).


So if we come to buy a car my wife could apply but she only has a part time job and the figures look bad showing she could not make the payments so I am sure they would not give us the deal.
If I went on as a co-applicant I am assuming my score would the sour the deal.


Any suggestions of the best way of managing this without going sub prime and paying punitive rates.


Many thanks


Frank

[Deleted User]

Your scores are irrelevant.

But finance secured on a vehicle is generally easier to come by.

Pixie5740

Equifax don't lend money so any score they assign you is irrelevant. Lenders certainly don't see it or use it when determining whether or not to lend someone money.

What's wrong with the current car?

CLAPTON

why not save up for a new/newer car?
if you can afford to repay the loan then presumably you have money to save

DCFC79

You might find all that would be available to you is loans with high Apr.

You could make 1 application and see what Apr you get, I presume you can keep up with the payments. I'd miss out Xmas entirely and whatever you would spend on it use it to pu t towards the car fund.

MEM62

How old is the default?

The older it is the less impact it will have. I would apply and see what happens.