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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Get a car loan with lots of unsecured debt

Hi Edwin, I only work part time and my credit file shows £26,000 in unsecured loans. My credit score is good at 915 and I've never missed any payments. My husband pays for the £16000 unsecured loan through his business (we originally got the loan in both our names). The remaining unsecured loan is £10,000 for an existing car finance agreement which we will settle before getting a new car. I'm worried that although my credit file is good car finance companies will be worried by the level of unsecured debt. If I get refused can I put a new car finance agreement in my mother's name and pay the finance and drive the car myself? Thanks, Emily

Posted by Emily Skinner on

Answer.

Hi Emily, have you considered making a joint application with your husband? Is this a possibility? There shouldn't be any issues in getting yourself approved to be honest as you have a good credit score. How much finance were you looking for and do you have a deposit? If you do get declined there is a possibility of placing the finance in your mothers name - does she have good credit too? Actually, if your husband has a fair / poor credit rating have you considered adding your mother as a guarantor? Have a good weekend. Regards, Edwin

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