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Been told to go joint on a loan
Hi there,
My OH drives for a living and needs to update his vehicle. It will mean a £20k loan as he needs to pay off his last loan and the new car isn't cheap (even though it will be second hand!)
He called his bank and they said that it would be better to do a joint loan with me as his debts (loan and a couple of credit cards) are putting them off loaning him additional money, even thought the current loan would be paid off by the new one!
I have no issue doing this as we are committed etc but my problem is that I defaulted on a loan 4yrs ago. It's all settled on my credit history now and I have just got a credit card acceptance from Mint (so I guess my credit 'rating' is better) but I'm worried that my poor history will ruin his chances of getting the loan and put footprints on both our histories.
Any advice would be great (other than buy a cheaper car as that's not an option!)
Cheers guys x
My OH drives for a living and needs to update his vehicle. It will mean a £20k loan as he needs to pay off his last loan and the new car isn't cheap (even though it will be second hand!)
He called his bank and they said that it would be better to do a joint loan with me as his debts (loan and a couple of credit cards) are putting them off loaning him additional money, even thought the current loan would be paid off by the new one!
I have no issue doing this as we are committed etc but my problem is that I defaulted on a loan 4yrs ago. It's all settled on my credit history now and I have just got a credit card acceptance from Mint (so I guess my credit 'rating' is better) but I'm worried that my poor history will ruin his chances of getting the loan and put footprints on both our histories.
Any advice would be great (other than buy a cheaper car as that's not an option!)
Cheers guys x
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