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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Can you have 2 cars on finance?

Hi, My Girlfriend recently passed her driving test and we share a car which i have on finance (£3123 Outstanding) but it's become a problem when it comes to getting to our jobs with one car.

So, I recently applied for a car on lease and was rejected and have found the same car for £9000. My credit score isn't great at 601. I have a full UK Driving licence, have re-sent my electoral roll forms off 3 days ago so should be on by 10/09/2012. My Monthly income is £1800 with £900 of that disposable.

I do have loans and finance outstanding totaling £5,125 which includes another car finance agreement. I have no major defaults on my account apart from a defaulted phone contract 7 years ago. With my outstanding credit and finance is it possible to finance another car? Thanks, I also have £500 deposit.

Posted by Danny on

Answer.

Hi Danny, is your girlfriend employed and if so, does she have good or bad credit? There's no reason why your girlfriend can't apply for car finance (if the car is for her) and you could act as her guarantor if you wished to do so to strengthen the application.

If this isn't an option you may be able to get a second car on finance as long as you can prove you can afford both cars with payslips. As you seem to have a fair credit history and a good income i'm reasonably confident we could get you accepted. I'm not sure we could get you £9000 but we could potentially get you £5000 to £6000.

All in all making a joint application for finance with your girlfriend would improve your chances so please talk through the options with her. Please apply when you feel ready and if approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

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Question.

Is it legal to have my girlfriend finance a car for me to drive? If so this could be an option. If i chose the option of trying for a second in my name would £1500 be a big enough deposit?

Posted by Danny on

Answer.

Hi Danny, your girlfriend would have to be the registered keeper if you were to finance the car in her name. You could just be a named driver on the insurance policy :-) £1500 should be enough deposit.

Posted by on

Question.

Would it be possible to get finance for 2 cars? One for the wife and i.

Posted by Dean Mcclumpha on

Answer.

Hi Dean, yes it is possible to have finance for 2 cars. Who has the better credit history - you or your wife? If you both have good/fair credit it may well be worth you making a joint application. Are you both employed? Regards, Edwin

Posted by on

Question.

Hi, My mum is looking to get me a car on finance but already has her own car on finance at the moment. My parents are home owners and both earn decent incomes and glowing credit reports. Is it possible? Thanks

Posted by Ross on

Answer.

Hi Ross, from what you have said both of your parents would qualify for a second car on finance so please don't be concerned. When do you need the car and what car are you thinking of?

Posted by on

Question.

My car on finance has been written off and am waiting on insurance money to pay of the remaining finance. In the meantime I'm without a car. Is it possible to get another car on finance while I'm still waiting for the other to be cleared up?

Posted by Brett Dudley on

Answer.

Hi Brett, yes, this is possible. Please apply on our site when you get 2 minutes and hopefully we'll get you approved within minutes. Do you have a good, fair or poor credit history? Kind Regards, Edwin

Posted by on

Question.

Hi, I have 2 cars on finance. One I drive and one my partner drives. I'm pregnant and need another 4 door car so I went to part ex one and exchange it for a 4 door and I got declined by my current lender who the vehicles are on finance with (santander). The other car is on finance with Citroen finance. I have never ever missed any bills, have a mortgage and am a senior midwife so I consider myself to have a good job.The car that we want to exchange for is exactly the same monthly payment as my current payment so it's just a case of literally swapping cars. I hope you can shed some light onto this? Just to let you know that when I got declined by my current lender I was accepted by others but with a massive interest rate and they wanted a £1000 deposit actually bringing my monthly payments well beyond what I currently pay.

Posted by Laura on

Answer.

Hi Laura, apologies for the delayed response. I hope you're well. I'm very confident we can get you approved for car finance as you have a good credit history and a good job. If approved with one of our prime lenders you wouldn't necessarily need a deposit either and as you're part exchanging one car i see no reason why one of our lenders wouldn't give you another loan. Please make an application on our website and let me know the reference number and i'll check out your application. Once approved you can get your new car from any reputable dealer nationwide and we just organise the finance documentation. We don't charge you any fees and you organise the part ex settlement of your existing vehicle with the supplying dealer. Hope that helps. Have a good afternoon. Edwin

Posted by on

Question.

Hi, i recently got car finance for a partner but my car needs major work and it wouldn't be worth spending my money on it. Can i now get myself finance? I have seen a car for £11000 and have 2000 deposit. I have a good credit score and an income of £1800 pcm and only £700 outgoing.

Posted by Tom on

Answer.

Hi Tom, i don't see this causing an issue. Please apply and we'll have you approved tomorrow morning. Have a good evening. Edwin

Posted by on

Question.

i have one car on finance at the moment, which my mum is registered keeper, my cars old and run down so i was looking to see if i could get another car on finance and part ex mine? would i be able to do this? my mum has not got good credit rating and i mostly did this to build mine up, but now im in need!

Posted by Charliie on

Answer.

Hi Charlie, You could definitely apply for a new vehicle on finance with your existing agreement. However we wouldn't know if we will be able to get you approved without seeing an application, Please make an application when you are ready and give me your reference number so I can look at it straight away for you. Thanks Edwin

Posted by on

Question.

hi i have a poor credit history so my girlfriend is goin to try and get finance for me for a 9000 pound car... she already has her own car on finance for 9000 over 5 years and is about half way thro...she earns about 1000 a month..with good credit....what do u think the chances would be or do you think a 5000 pound car would sound better...i earn about 1800 a month but i hav poor credit :(

Posted by Christopher Bennett on

Answer.

Hi Christopher, Firstly I would advise that you put a joint application through with your girlfriend. Our underwriters can then asses both of your credit profiles and advise on the best option for you. We deal with many lenders and can help customers who have previously experienced credit issues. With regards to the amount it is hard to say at this stage if we could get you the £9k you require. Some lenders will lend up to £25k however others may only lend a maximum of £5k for example which is based on your credit profile. Please make an application so we can see how we can help. Edwin

Posted by on

Question.

Hiya, I have a car on finance for my mam, i've had it for a year now and my mam pays the monthly instalments. I'm just wondering would it be possible to have another car on finance for myself to use and pay xx

Posted by Gemma on

Answer.

Hi Gemma, that wouldn't be a problem at all. As long as you can show that you can afford the car we won't have any problems. Please apply when you're ready. Edwin

Posted by on

Question.

My credit score is 544 due to 2 defaults in a time of hardship over four years ago. I have not missed a payment since and I already have a car on finance but would like to get a second car.

I have £5000 deposit but the car I want is £11000 could you help with this considering my poor credit score?

Posted by Jason Naylor on

Answer.

Hi Jason, thank you for your question.

As you have a large deposit i'm quietly confident we can help as we do have lenders that help people with past credit issues. As long as you can prove you can afford the 2 cars then we should be fine. 3 months payslips or bank statements would be required.

Please apply when you get a moment. Kind Regards, Edwin

Posted by on

Question.

Hi, I have recently sourced finance through yourselves for £4000.00, and I am looking to purchase another car at £2500.00. Could this be added to my existing loan, or will I need to apply for a separate loan? Thanks Brian

Posted by Brian O'Neill on

Answer.

Hi Brian, Thank you for your question!

Your current finance will be secured against the vehicle you have purchased, so we cannot put another car on to the agreement. You just need to apply seperately for your new finance, and we will try our best to help you!

Please make an application when you're ready and if approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

Posted by on

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