Joint car finance while in DMP

nbamaster

Hi everyone,

I'll start off by saying I know that the main thing is to not take new credit, since that's what has put in in the position I'm in atm.
Although everyone has their own circumstances so here's the question...

I do drive quite a lot and need car on daily basis. The one I've got is old and no longer reliable and I haven't got enough in my emergency fund to buy it with cash. 

My wife offered to take a car finance in her name, but I'll  be the main driver so ideally my name should be on the finance documents. 

Would StepChange allow one to apply for joint car finance while on DMP?

Thanks in advance 

MattMattMattUK

nbamaster said:

Hi everyone,

I'll start off by saying I know that the main thing is to not take new credit, since that's what has put in in the position I'm in atm.
Although everyone has their own circumstances so here's the question...

I do drive quite a lot and need car on daily basis. The one I've got is old and no longer reliable and I haven't got enough in my emergency fund to buy it with cash. 

My wife offered to take a car finance in her name, but I'll  be the main driver so ideally my name should be on the finance documents. 

Would StepChange allow one to apply for joint car finance while on DMP?

Thanks in advance 

I suspect StepChange will say no, but I also suspect that you are unlikely to get credit for a car (or anything else) whilst in a DMP which will perhaps be the bigger issue. 

If your wife is the main name on the finance then I do not believe that you can be the main driver.

How much do you feel you need to spend on a car, you could find something small, efficient and reliable (KA, corsa, Aygo etc.) for around £3-4k, does that fit within your emergency fund plus what you would get for your car on trade in?

Grumpelstiltskin

You should have allowed a big enough amount for an emergency fund to enable you to save for another car whilst on your DMP.
How much do you owe and how long have you been in a DMP?

EssexHebridean

I believe the OP has been in their DMP for around 6 months - so in fairness assuming they were able to save a fairly standard amount into the EF - say £50-£100 - they would not have had sufficient time to build up enough for a car replacement. 

OP what is the rough value you think you would get on your existing car? And how much do you have in your EF to put towards replacing it? And possibly the final most important question - what value of work needs doing to keep your existing car running for a while longer?