Car leasing issue (credit scoring)

8
Found 28th Nov 2017
Hi all,which and. My partner have just remortgaged and paid off a lodger of debts leaving us free to spend a bit on a decent car (finally).

The problem is, my credit rating isn't bad but I don't drive. My partner's is shocking and she'll be the one driving.
Does anyone know of a company that'll let me pay the money but show my partners licence for ID purposes?

I applied to leasing options and, all was going well until they asked for my licence!

Any help or advice would be much appreciated!

Matt
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8 Comments
If you are applying for the lease then they will expect you to be the main driver, is leasing your only option as it is dead money? Obviously you have paid of some debts so no good getting car finance or a loan as this will just give you another debt, have you not got any money left from the remortgage to buy a modest new car straight out? You can get a brand new dacia for £5995 otr, reliable motoring with economical running costs why you then concentrate on repaying your mortgage.
Don't be so quick to rush back into debt.
Carry on as you are for a few months then if you still need (not want) a new car then start looking at second hand.
If you have just remortgaged, you haven't paid off any debt, you've just moved it. You still owe all that money. Are you sure now is the time to be taking on even more debt? You would probably be better trying to build up a repayment history before trying to borrow even more. The other option would be to re mortgage enough to pay off the debts and buy a car. If that isn't affordable then you can't afford a new car. Mortgage rates are starting to rise again after all. I know this may not be the answer you want to hear but it is based on years of dealing with the after affect of people borrowing more than they could afford.
Leasing is a loan under another name. Financing a car on your mortgage is not a good idea as you will be paying a low rate of interest for the duration of the mortgage (typically 20 years) so you end up paying a phenomenal amount back and you are still paying for a car long after it has gone.
If your credit rating is good, and you insist on getting a new car, go to a bank for a loan. You pay it off quicker, you can sell/trade in the car without the hp owner constraints and, as a last resort,if things go 't*ts up' financially you can remortgage and pay off the balance.
Edited by: "mrty" 29th Nov 2017
mrty1 h, 49 m ago

Leasing is a loan under another name. Financing a car on your mortgage is …Leasing is a loan under another name. Financing a car on your mortgage is not a good idea as you will be paying a low rate of interest for the duration of the mortgage (typically 20 years) so you end up paying a phenomenal amount back and you are still paying for a car long after it has gone. If your credit rating is good, and you insist on getting a new car, go to a bank for a loan. You pay it off quicker, you can sell/trade in the car without the hp owner constraints and, as a last resort,if things go 't*ts up' financially you can remortgage and pay off the balance.


From what op is saying, credit rating is lousy. Think the choices are very limited.
psychobitchfromhell25 m ago

From what op is saying, credit rating is lousy. Think the choices are very …From what op is saying, credit rating is lousy. Think the choices are very limited.


His rating isn't bad, his partners is terrible but she's the driver. He must finance it but I don't believe any mainstream finance company will provide hp for anyone other than the creditor. A bank loan is cash which he can spend as he likes...buy her a car.
Edited by: "mrty" 29th Nov 2017
mrty50 m ago

His rating isn't bad, his partners is terrible but she's the driver. He …His rating isn't bad, his partners is terrible but she's the driver. He must finance it but I don't believe any mainstream finance company will provide hp for anyone other than the creditor. A bank loan is cash which he can spend as he likes...buy her a car.


A solution. Or walk
Look on money saving expert for advise on how to build up credit rating.
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