Car finance query

Jack1991

Hi, Just wanted some advice me and my partner are looking at financing a new car probally around 14k with monthly payments off 165 and a 4k deposit. She currently does not work and is a student/stay at home parent its only me who works (26k income plus a small bonus), My credit is not too good due to being silly as a teenager so it would be favourable to get it in her name.
do most finance companies take household income or the person applyings income? has anyone come accross a similar situation.

Thanks

Oakdene

In my experience they take the income of the person applying for the finance so no they wouldn't take your income into consideration unless you are taking the finance out.

NOVAMET21

Yes Oakdene is correct. If it is you applying for the finance for the car then they will look at your credit history and similarly they will only look at your partners if she is applying.


As you said she doesn't work, will she be able to pay it monthly? If she doesn't earn anything then I don't think she would be accepted.

NOVAMET21

Why don't you try in your name and give it a go. You never know you might get accepted.

Jack1991

I may try it in my name, just worried about worsening my rating!
she would have no problem paying it as I transfer her money every month to cover certain things at the moment I would just set up a standing order from my account to hers. thanks for the advice

Gaz83

There's no way anyone reputable will give an unemployed student applying as a single applicant finance for £14k.

Bonfire_Bride

10k advance for 165 a month??? Would you be looking at a PCP? Those figures seem way off.

If you manage to get accepted for finance, they may then reject the application if the vehicle is not suited to you (large engine etc),

Why not use that deposit for a car? You can get some pretty good cars for less than 4k.

Prothet_of_Doom

I want to be blunt. NO.
No no no.

One of you is not earning, the other can't be trusted when it comes to credit, and your total income is not high enough to justify such a luxury.

I've just sold this:
https://www.gumtree.com/p/cars-vans-motorbikes/low-mileage-astra-16-16v-sport-twinport-54k-derby/1191886299

It cost me a total of £900 to buy, repairs and servicing and tyres in 15 months to do 20K miles came to £350, and I sold it for £750.
I.e 2.5p a mile or 33.33 a month.

If you look carefully there are decent cars for sale for £500.


You are at a point in life where you need to learn to cut your cloth a bit tighter. Save up, don't take out credit agreements, and build a buffer.

Prothet_of_Doom

double post

Jack1991

Hi Thanks for the reply, it has just been an idea we have a perfectly fine car at the moment which is were the 4k deposit would come from. We have spare income every month and are saving it. by the sounds of it we are best saving for 2 years and buying the car we want outright

Jack1991

Bonfire_Bride wrote: »

10k advance for 165 a month??? Would you be looking at a PCP? Those figures seem way off.

If you manage to get accepted for finance, they may then reject the application if the vehicle is not suited to you (large engine etc),

Why not use that deposit for a car? You can get some pretty good cars for less than 4k.

I would hope the vehicle is suited its a newish Hyundai i35 so sort of a 4x4. we have 2 kids and our current Seat ibiza is too small. Like iv said looking at it now it maybe worth just saving to buy one in 2 years, the figures I wrote where just pulled from an evans halshaw website so no idea what terms where I was just looking between 150-200 a month

thanks