Co-Signing Car Finance

dinks90

Hi there,

I have bad credit and my partner has applied for car finance through Arnold Clark and he only has a provisional licence.

He has been asked for someone to co-sign the finance and the salesman advised he thinks this needs to be someone living at the same address as my partner.

Does anyone know if the co-signer needs to be at the same address?

I asked if this was the same as a guarantor and was told it's different.

Thanks in advance

AnotherJoe

I guess AC can ask for whatever conditions they want.
Why is someone who only has a provisional licence buying a car, let alone on finance?

dinks90

The car is for me, I have bad credit and can't get the finance in my name

MEM62

dinks90 wrote: »

I asked if this was the same as a guarantor and was told it's different.

I wouldn't be too sure about that. I think you are being hoodwinked. Check CAREFULLY!

dinks90 wrote: »

The car is for me, I have bad credit and can't get the finance in my name

Then you are unlikely to be accepted as co-signor.

If you are already struggling with debt are you sure that you should be borrowing more money to buy a car? If you are in a position where you need guarantor loans or other people to take finance for you life is telling you that you need to stop borrowing.

DCFC79

dinks90 wrote: »

Hi there,

I have bad credit and my partner has applied for car finance through Arnold Clark and he only has a provisional licence.

He has been asked for someone to co-sign the finance and the salesman advised he thinks this needs to be someone living at the same address as my partner.

Does anyone know if the co-signer needs to be at the same address?

I asked if this was the same as a guarantor and was told it's different.

Thanks in advance

Do you need a car ?


Can you not go for a cheaper option ?

AnotherJoe

Post in few months time "I was persuaded by my partner to buy a car in my name, because she cannot get one due to credit difficulties. She assured me she would pay the payments every month but she got into trouble again, has stopped the transfers to my bank account and now as guarantor I have to pay but i can't afford it and i haven't even passed my test yet. Now we've both got lousy credit history"

dinks90

Wow, that’s rude.

You have no idea about my financial history, not that it’s any of your business.

I only asked if what Arnold Clark was saying was correct.

Some very judgemental people on here!

dinks90

I didn’t say I was struggling with debt, my credit score is bad due to silly choices I made a few years ago, which I am literally paying for.

I’ve never heard of a co-signer or guarantor having to be at the same address so just wanted some advice before I hear back from the salesman tomorrow.

dinks90

Is someone who is learning to drive not allowed to buy a car?

AnotherJoe

dinks90 wrote: »

I didn’t say I was struggling with debt, my credit score is bad due to silly choices I made a few years ago, which I am literally paying for.

I’ve never heard of a co-signer or guarantor having to be at the same address so just wanted some advice before I hear back from the salesman tomorrow.

There's no legal restriction. But Arnold Clark can make any conditions they want (within reason obviiusly). If they've decided the guarantor (what else do you think the co-signee is???) must live at the same address, that's their choice and you can accept their offer or not.

dinks90

When I asked if it was the same as guarantor he told me it’s not.