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Edwin Miles. Underwriting Manager

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I have really bad credit - Can my mum get car finance in her name for me

Would my Mum be able to get the car finance in her name for me & i'll pay the monthly payments on the car? I'm not sure how this all works or whether it's possible so any advice would be great. Thanks

Posted by Sophie on


Hi Sophie, this is possible and there are many young people out there that are in exactly the same situation as you. We'd love to be able to help you out.

The best way to go about this though is to make a joint application for car finance. You could be the main hirer and your Mum could act as a guarantor. You'd obviously have to have her permission first.

The car could also be registered in your name or your Mums name for insurance purposes. Just so that you're aware you'd have to keep up with the monthly payments if approved otherwise this could effect your Mum's credit if you missed any payments. Please make sure your Mum is aware of this before applying.

It might be the case that your Mum pays for the finance out of her bank account and you just pay your mum back on a weekly or monthly basis. On the whole i'm confident we can get you into a car as we have lenders that help people with bad credit.

Please apply when you get a moment and once approved we provide a no obligation quote and you can get a car from any dealer in the UK. Kind Regards, Edwin

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I have a poor credit rating. Should i apply with a guarantor or ask my mum to apply in her name? I'm 30 and have been declined a 2nd hp application.

Posted by Hazel on


Hi Hazel, i'd ask you Mum to act as a guarantor so the you can get approved and then build up your own credit file again. How much do you need? Edwin

Posted by on


Hi Edwin, I need £5k to finance a van. My credit score is 584 and i have 2 defaults. One from 2007 for £600 settled and another for £940 credit card 2 months ago. Both were not through financial difficulty, rather more due to the companies being hard work.

Posted by Hazel on


Ok Hazel, please apply on our site with your Mum as a guarantor and we'll try our best to get you accepted for the van you need. Edwin

Posted by on


Ok, so I am just about to be discharged from bankruptcy and need to renew my car as my other one is costing me a fortune. I obviously have a poor credit rating just now and won't be able to get the loan or finance.

My mum has offered to get me the finance, obviously at a now affordable price range but my questions are: Can my mum get the finance for me? And if so how would that affect me with car insurance?, ie I have my own car insurance policy just now with X amount of no claims years and don't want to lose these.

Is it just a case of telling the insurance company that the car is not owned by me and I am to be the main driver?

Posted by Chris E on


Hi Chris, thank you for your question.

In fact we do have lenders that help ex-bankrupts so the best case scenario would be to make a joint application with us and have your Mum act as a guarantor. This way we can help you re-build your credit history and offer a greater level of comfort to the lender advancing the funds.

Also this was you get to keep your no claims record as you could be the main driver still on the insurance policy. You could also add your Mum as a named driver to see of that brings the premium down at all.

The issue with your Mum obtaining car finance on your behalf is that the car is really for you and if the lender found out they would not proceed with the deal. The other problem is that if your Mum took out the loan for you and you stopped paying her back and she couldn't make the payments on time this would severely effect your Mum's credit rating. I'm not saying this would happen (but it has in past scenarios i have seen).

If this option i'm putting forward fails and you get declined we do have 1 lender that allows us to do accommodation deals where your Mum could get a "personal loan" on the car for you. Your Mum would have to have good credit to get approved though. I hope this helps. Please make an application when you're ready. Kind Regards, Edwin

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Posted by Nicole E on

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