Car finance - partner poor credit

SeagullBTN

Hello, 

My partner has poor credit history and is currently in a DMP. 

The quotes he’s getting for car finance are around 40% APR. If I were to get it in my name it would reduce monthly payments by about £200. 

Just wondering if anyone has done this before ? 

Would it affect my chances of getting a car on finance ? Currently I’m being offered around 50,000 for car finance. Our two cars together wouldn’t be much over 35,000. 

Are you able to get two separate car finance agreements ? Would leasing one car be better ? 

Would I still get the 50,000 to split across two cars ? 

I also have worries about being financially linked to my partner and the effect on my credit rating . Would me being the registered owner and finance in my name link us if he then has the insurance etc in his name? 

If anyone has any advice, it would be much appreciated. 

Thanks 

Renfrewman

Run and make sure you go far away.

MattMattMattUK

SeagullBTN said:

Hello, 

My partner has poor credit history and is currently in a DMP. 

The quotes he’s getting for car finance are around 40% APR. If I were to get it in my name it would reduce monthly payments by about £200. 

Just wondering if anyone has done this before ? 

Would it affect my chances of getting a car on finance ? Currently I’m being offered around 50,000 for car finance. Our two cars together wouldn’t be much over 35,000. 

Are you able to get two separate car finance agreements ? Would leasing one car be better ? 

Would I still get the 50,000 to split across two cars ? 

I also have worries about being financially linked to my partner and the effect on my credit rating . Would me being the registered owner and finance in my name link us if he then has the insurance etc in his name? 

If anyone has any advice, it would be much appreciated. 

Thanks 

Your partner is already in a DMP because they cannot manage the debts they already have, more debt, either in their name, or especially in yours, is an absolutely terrible idea. 

flaneurs_lobster

SeagullBTN said:

If anyone has any advice, it would be much appreciated. 

Don't borrow £50k to buy two cars when one of you has a DMP.

Did your partner suggest this? 

If so then what @Renfrewman said. 

SeagullBTN

Hi everyone, 

I understand your comments regarding a DMP and how it isn’t ideal . 

He got into a lot of debt when he was younger and is now paying it off and more sensible . 

The idea of getting the car in my name is to allow him to make extra payments towards his DMP and clear that quicker and build credit quicker. 

If anyone could advise on the questions above, it would be much appreciated. 

MyRealNameToo

SeagullBTN said:

Hello, 

My partner has poor credit history and is currently in a DMP. 

The quotes he’s getting for car finance are around 40% APR. If I were to get it in my name it would reduce monthly payments by about £200. 

Just wondering if anyone has done this before ? 

Would it affect my chances of getting a car on finance ? Currently I’m being offered around 50,000 for car finance. Our two cars together wouldn’t be much over 35,000. 

Are you able to get two separate car finance agreements ? Would leasing one car be better ? 

Would I still get the 50,000 to split across two cars ? 

I also have worries about being financially linked to my partner and the effect on my credit rating . Would me being the registered owner and finance in my name link us if he then has the insurance etc in his name? 

If anyone has any advice, it would be much appreciated. 

I'll assume you have already read the rest of the comments above so won't repeat their warnings. 

Are you looking at getting car finance (ie HP, PCP etc) or a personal loan that you will use to buy the cars? 

If it's car finance you will have to make sure the lender is happy with you being the debtor but him being the person who's really buying the car. The majority dont like fronting but may have less issues with it if you are a married couple etc. 

If its car finance it would be an agreement per car, just because they have offered you £50k on one car dont assume that you will qualify for £25k each on two seperate cars, the logic doesnt work exactly like that.

If its a personal loan its basically just cash to you and up to you want you do with it so a single loan can cover any number of vehicles if you want etc. 


My only advice would be dont do it unless you are happy to give them the car as a gift and never see a penny back from it even if you discover they've been cheating on you or anything else. 

CliveOfIndia

I have to agree with the previous comments.  Quite apart from anything else, I'm struggling to understand the thought process that suggests taking out credit for a non-essential item whilst on a DMP is in anyway a rational idea.

SeagullBTN

MyRealNameToo said:

SeagullBTN said:

Hello, 

My partner has poor credit history and is currently in a DMP. 

The quotes he’s getting for car finance are around 40% APR. If I were to get it in my name it would reduce monthly payments by about £200. 

Just wondering if anyone has done this before ? 

Would it affect my chances of getting a car on finance ? Currently I’m being offered around 50,000 for car finance. Our two cars together wouldn’t be much over 35,000. 

Are you able to get two separate car finance agreements ? Would leasing one car be better ? 

Would I still get the 50,000 to split across two cars ? 

I also have worries about being financially linked to my partner and the effect on my credit rating . Would me being the registered owner and finance in my name link us if he then has the insurance etc in his name? 

If anyone has any advice, it would be much appreciated. 

I'll assume you have already read the rest of the comments above so won't repeat their warnings. 

Are you looking at getting car finance (ie HP, PCP etc) or a personal loan that you will use to buy the cars? 

If it's car finance you will have to make sure the lender is happy with you being the debtor but him being the person who's really buying the car. The majority dont like fronting but may have less issues with it if you are a married couple etc. 

If its car finance it would be an agreement per car, just because they have offered you £50k on one car dont assume that you will qualify for £25k each on two seperate cars, the logic doesnt work exactly like that.

If its a personal loan its basically just cash to you and up to you want you do with it so a single loan can cover any number of vehicles if you want etc. 


My only advice would be dont do it unless you are happy to give them the car as a gift and never see a penny back from it even if you discover they've been cheating on you or anything else. 

Hello, 

Many thanks for your reply. I’m obviously wary about the possibility of being left with the debt in my name but I am at the moment just exploring different options. That would reduce outgoings and be able to pay off the DMP earlier. 

If and it’s obviously an if, this would be possible the DMP could be cleared in 9 months. 

The way I am seeing it is to give the money to the DMP rather than an extortionate finance rate. 

Additionally, it would be a low monthly payment we are looking at around £160 a month. If the worse did happen I could cover it and believe after about 2 years you are able to hand back the car. 

It would be a PCP deal my main worry would be if we would then be linked on a credit file if he’s insured on it as the proposer. And I would be the registered keeper. 

Thanks for explaining as well that it wouldn’t work on 25k per each car. 

Isthisforreal99

SeagullBTN said:

MyRealNameToo said:

SeagullBTN said:

Hello, 

My partner has poor credit history and is currently in a DMP. 

The quotes he’s getting for car finance are around 40% APR. If I were to get it in my name it would reduce monthly payments by about £200. 

Just wondering if anyone has done this before ? 

Would it affect my chances of getting a car on finance ? Currently I’m being offered around 50,000 for car finance. Our two cars together wouldn’t be much over 35,000. 

Are you able to get two separate car finance agreements ? Would leasing one car be better ? 

Would I still get the 50,000 to split across two cars ? 

I also have worries about being financially linked to my partner and the effect on my credit rating . Would me being the registered owner and finance in my name link us if he then has the insurance etc in his name? 

If anyone has any advice, it would be much appreciated. 

I'll assume you have already read the rest of the comments above so won't repeat their warnings. 

Are you looking at getting car finance (ie HP, PCP etc) or a personal loan that you will use to buy the cars? 

If it's car finance you will have to make sure the lender is happy with you being the debtor but him being the person who's really buying the car. The majority dont like fronting but may have less issues with it if you are a married couple etc. 

If its car finance it would be an agreement per car, just because they have offered you £50k on one car dont assume that you will qualify for £25k each on two seperate cars, the logic doesnt work exactly like that.

If its a personal loan its basically just cash to you and up to you want you do with it so a single loan can cover any number of vehicles if you want etc. 


My only advice would be dont do it unless you are happy to give them the car as a gift and never see a penny back from it even if you discover they've been cheating on you or anything else. 

Hello, 

Many thanks for your reply. I’m obviously wary about the possibility of being left with the debt in my name but I am at the moment just exploring different options. That would reduce outgoings and be able to pay off the DMP earlier. 

If and it’s obviously an if, this would be possible the DMP could be cleared in 9 months. 

The way I am seeing it is to give the money to the DMP rather than an extortionate finance rate. 

Additionally, it would be a low monthly payment we are looking at around £160 a month. If the worse did happen I could cover it and believe after about 2 years you are able to hand back the car. 

It would be a PCP deal my main worry would be if we would then be linked on a credit file if he’s insured on it as the proposer. And I would be the registered keeper. 

Thanks for explaining as well that it wouldn’t work on 25k per each car. 

How would it reduce outgoings? Does he have a car already which the creditor is part of the DMP? If so, how old is the car, how much owing? Would it not be wiser to clear the finance on it?

Do they really need a new car?

SeagullBTN

For the same car he is being quoted £360 a month and I could get it at £160 a month . 

Unfortunately a new car is required as it is not reliable anymore and has had issues with the battery . 

There is a total of 5k left on the DMP . The extra £200 saving will be going towards that plus what he currently pays 

Mildly_Miffed

Why is he not considering a <£5k car bought for as close to cash as he can arrange...? That will allow him MUCH more to repay the people he already owes money to.

There is no such thing as a "registered owner" - just the keeper, the person legally responsible for tax and penalties - and the owner on a PCP is the finance company unless and until you pay the balloon.

If you are wary of being financially linked to him, then why are you looking to financially link yourself to him by fronting finance on an expensive car he demonstrably cannot afford?

I think you and he would be FAR better off posting in the debt management sections of this forum.