Car Finance Query

Bella_M_2 · 9 March 2016 at 9:12PM

I'm weeks away from sitting (& hopefully passing) my test and the next logical step would be to buy a car.
My credit score is poor due to getting in a mess with payday loans a few years back so I'm still rebuilding my score. My husbands score is fairly good.
My husband doesn't drive at the moment he is waiting for me to pass before he takes lessons as we can't afford for both of us to do it at the same time.
A lot of insurance companies ask you to be the owner & registered keeper and the only way I can see me getting accepted for finance on a car would be joint finance. Although we're married we have managed to avoid being financially linked - no joint accounts etc. Obviously we're aware that my score will impact my husbands if we do this.
Having never bought or owned a car before is joint finance an option at say Arnold Clark??

forgotmyname · 9 March 2016 at 11:28PM

Buy one for cash?

bigjl · 10 March 2016 at 3:48AM

Just tell the Insurance the truth, not every car owner or registered keeper is the main driver. Not every policy holder is the main driver.

But if you declare what your exact situation is then you should have no problems as the Insurer can assess the risk.

I would also stay away from car finance.

I would be going strictly Bangernomics for a few years.

Buying an lowish value first car on HP is a risk. As they are often out of manufacturers warranty. Aftermarket warranties are more of a breakdown insurance than a warranty like you get with a new car.

I would stick to cars with years MOT and cheap Road Fund Licence that are cheap to Insure.

Older Nissan Micra for example, or any number of small cars from Korea. Hyundai, Kia maybe a Daewoo/Chevrolet.

Keep the price under £500/1000 so that if anything serious goes wrong you can sell it for spares and start again.

If you have a £3/4000 car on the strap then you will likely pay back £8000 over 4 years due to you credit history. That car will be in negative equity for nearly the entire 4 years, any big problems and you will have to fix them or face other financial hardship.

Many Car Finance companies will loan to a driver with a provisional licence, not all of course.

loskie · 10 March 2016 at 7:57AM

stay away from Arnold Clark
plus
from your post re finances and not affording hubby's lessons at the same time as yours sounds like a car is unaffordable.

motorguy · 10 March 2016 at 8:07AM

Bella_M wrote: »

I'm weeks away from sitting (& hopefully passing) my test and the next logical step would be to buy a car.
My credit score is poor due to getting in a mess with payday loans a few years back so I'm still rebuilding my score. My husbands score is fairly good.
My husband doesn't drive at the moment he is waiting for me to pass before he takes lessons as we can't afford for both of us to do it at the same time.
A lot of insurance companies ask you to be the owner & registered keeper and the only way I can see me getting accepted for finance on a car would be joint finance. Although we're married we have managed to avoid being financially linked - no joint accounts etc. Obviously we're aware that my score will impact my husbands if we do this.
Having never bought or owned a car before is joint finance an option at say Arnold Clark??

With respect, if you cant afford to both do lessons at the same time, does that not suggest you cant really afford finance on a car?

If you're both living in the same house, you will be financially linked.

If you've manged thus far without a car, why put yourself into debt now to have one?

You will only get finance from sub prime lenders who will lend you money at a silly interest rate and / or rope you in to paying a fortune for a car that they have put a huge markup on.

If you really must, save up and buy something cheap and cheerful with cash. If you cant afford to save up the cash, it would be a good indicator you cant afford a car on finance.