CREDIT HISTORY

[Deleted User]

Yes, anyone can pay for it.

s45

Thanks zx81.  

MrFrugalFever

s45 said:

Another quick question.  
If the used car we are buying is in my son's name and the HP finance agreement
also in my sons name, would it be OK to pay the finance company by a parent (transferring the money from my bank to the finance company)?

Your question isn’t entirely clear? Are you asking if it’s OK to transfer the monthly payment amounts to your sons bank account to effectively pay for the finance?

You could ‘gift’ your son money each month yes. If he is applying for finance on a car that he’ll never use (or rarely) and it is really for his parents then that is generally classed as fronting and is fraud.

Also, the finance company would base its lending decision on your son with his information supplied, including his bank details which will be required for the direct debit. You will not be able to use your bank details with his name.

If you’re wanting to send money to the finance company as overpayments for him then yes this is allowed.

we_mean_clean

Does paying the remaining lump in one go make sense? HP makes sense to spread cash flow so if you already have the agreement set up surely it's less risk to you to leave the monthly repayments?