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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Car finance for another 2nd car

Hi Edwin, I need to take out a loan for another vehicle. I currently have 1 going on at the moment. The situation is this - i was in a car wreck about a few weeks ago. Before that happened I went home on leave (i'm in the navy). While I was away my car insurance lapsed and ultimately expired. Not realizing this I drove my car when I got back in town. Thankfully my car was the only car involved (I slid off the freeway ramp). Like I forestated I am still paying on the first loan which was £10,000 and i still owe £9000. However, I am in desperate need of transportation and my bank will not finance me for another vehicle. Is there anything you guys could do to help me out?

Posted by Terrance Ross on

Answer.

Hi Terrance, how is your credit history? There is a possibility that we could get you approved for another car loan but you'd have to have a very good credit history. If your credit isn't A1 then the only thing i can suggest is getting a family member to finance a car for you and have yourself as a named driver on the insurance policy. The last option would be to obviously save some cash for a run-around. Kind Regards, Edwin

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Question.

I would like to know if it is possible to get a second car loan without having a license but my wife does. We have a car loan already but it is for my daughters car.

Posted by Tim on

Answer.

Hi Tim, if you wanted car finance for a 2nd car your wife would have to apply as she is the one with a driving licence. Would this be possible? Edwin

Posted by on

Question.

I already have a Car on Finance with Advantage. I am currently looking to purchase another car on finance. Is it possible to have 2 cars on finance?

Posted by Dave Roberts on

Answer.

Hi Dave, there is a possibility of getting two cars on finance as long as you can show that you can afford the two cars with either payslips or bank statements. Who is the 2nd car for? If it's a family member can they apply for the finance or not? Kind Regards, Edwin

Posted by on

Question.

Hi Edwin ... I was going to give my daughter my car and then get a second for myself. At this moment in time my daughter is not in a position to apply for finance and i wanted to help her out.

Posted by Dave Roberts on

Answer.

Hi Dave, i understand. As long as you can show that yourself personally can affod 2 cars then you'll be ok. If not then we may struggle as the lenders may feel you're over committed. Kind Regards, Edwin

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