Help & Advice

My partner wants to get hire purchase but has a bad credit rating. Can you help?

Hello, My partner wants to get hire purchase but has a bad credit rating. On the other hand i have a really good credit rating but he is the one that has the driving licence. Can we still get car finance or not?

Maria


Answer

Hi Marie, Yes this is possible as we have lenders on our panel that will look at joint applications. It will also strengthen your partners application from the lenders point of view if you're on the finance agreement as you have good credit and your partner has poor credit.

There is a possibility of getting your partner approved just on his own as we have many lenders who offer bad credit car loans however, we might be able to get a better rate if you apply alongside your partner.

Please be aware though that if you go ahead on a joint car finance deal and your partner doesn't keep up with the repayments then it will effect your credit rating also.

Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Answer correct as of September 2016

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Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

Rates may differ as they are dependent on individual circumstances. Subject to status.

We compare products from 16 of the UK's top lenders to get you the best deal.

More related questions

Hello, My daughter is 23 and she is taking lessons. Does she need to have been driving for a period of time before she can apply for car finance? Thank you

Answer

Hi Colin, thank you for your question!

As your daughter is 23 she is old enough to apply for car finance. She doesn't have to have been driving for a minimum period of time. However, having a full UK licence does improve our options. I'd recommend holding off applying until she has passed her test.

When she's ready you can make an application here and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Rachel Wilson, Underwriting manager

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Rachel Wilson, Underwriting Manager

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

Rates may differ as they are dependent on individual circumstances. Subject to status.

We compare products from 16 of the UK's top lenders to get you the best deal.