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Edwin Miles. Underwriting Manager

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Beauty therapist with no credit history looking for finance

Hi Edwin,
I am looking to get a new car, because I passed my test a few weeks ago! I have worked full time as a beauty therapist for the last 6 months, and still live at home so haven’t needed any loans or credit until now. My mum says she would apply for me but if I can, I would prefer to get it under my own name. If not would I be able to transfer the finance to my name later? I don’t want my mums credit to be affected.

Posted by Stacey L on

Answer.

Hi Stacey, Congratulations and well done on passing your test!

The fact that you have been working full time is great – however you may struggle getting a loan on your own if you have no credit history whatsoever. Have you had a contract mobile phone? Do you have any direct debit payments coming out of your account, and are you on the electoral roll? If so, you may have already started to build up your credit without even knowing! If not, we may still be able to help you if your mum is willing to act as a guarantor. This means the loan will be in your name, however your mum is agreeing to be financially liable if you do not pay it. Provided you keep your payments up – your mums credit will not be affected at all.

I agree that it is definitely a good idea to take the finance out under your own name! If the agreement is taken out under somebody elses name, there is no way of transferring to yourself later, as the terms of the contract would be based on their own financial circumstances. Also, provided you keep up with your payments, having the finance in your name will start to build your credit score, which may help you in the future!

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 reputable dealer in the UK. Kind Regards, Edwin

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