Resolved Question

Do you think my mum will be able to get me a car on finance?

at the moment her credit rating seems okish to me her credit accounts are as follows:

Freemans limit £5200 and balance is £200.
capital one limit £1000 and balance £300

and she already has 2 cars on finance one was taken from renault on march 2008 and another in august 2009 with a total loan of £19000 and a remaining balance of £10,500,

by the way i cant get it myself as im 17, i would prefer a new car and can afford it, and she has never missed a payment with any of her accounts,

what options do i have can she be a guarantor or what are her chances to get a 3rd car

Additional Details

her total outstanding balance in everythink is £11000, and i would appreciate no smart comments just a decent answers please, unlkess you would like to get finance for me lol

5 days ago

Best Answer - Chosen by Asker

It is completely up to you if you want a new car so please ignore the comments from previous, however your mum does seem to have a lot of finance in her name already so I woudn't advise it.
On the new car however, I would advise you to rethink it!
speaking as someone who has successfully dug my way out of almost £20k of debt run up via loans credit cards overdrafts etc I would urge you not to take on any finances so young!
I was 18 when banks and such started waiving credit card offers in my face and being naive I took the lot and blew it on absolutley nothing of value - got loans to clear them and then ran them all back up! Along with that I had a car of £7k on Finance which I later upgraded to a £13k convertbile.
Long story short.. once you start you don't stop.. luckily I eventually grew up enough to realise my mistake and made it my mission over the last 2 years to pay it all back. I am only 26 now.. and have lost the last 2 years of my life basically by working 2 jobs determined to pay back what I owed by myself. All I have left is the convertible which I wish I had never got! It isn't so great having a fancy car when you are paying ridiculous sums of money in Finance every month and I will be giving it back as soon as I can.
You are young.. enjoy every penny of your money at the moment and save up and buy yourself a little run around! It may seem like a quick fix to get Finance and a nice new car but beleive me, you have plenty of time to pay finance/debts in the future! Good luck whatever you do :O)

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Other Answers (7)

• she wouldnt be able to be your guarantor because your not allowed hp until you are over 18, so u will have to wait until your 18 then attempt to get the finance yourself. I doubt they will allow your mum another car finance for a brand new car, seeing as she had 2 already in 17 months - no one can possibly be sure of their money stretching that far and afinance company are really only out for themselves.
  
  Theres nothing to say she cant try but i doubt it would be sucessful to be honest with you
• your mum could be Garantor for you depending on her income and her total outgoings.

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• You know far too much about her finances!
  You should wait and get finance in your own name or better still, start saving.
  Debt is not a good habit to get into.
• grow up. Why do you need a new car. You can't afford it, if you can't buy it.
• You are not getting a car. Mom has too much debt already
• Uk answer: With a sizable deposit (20% or over - which I trust you are going to pay, since you say you can afford a new car) your mum would probably be accepted by the car finance company provided that her income, which you don't mention, provides enough free disposable income to meet the finance company's calculations of affordability.
  
  Now I'm sure we'd all prefer a new car to a second hand one - however as you're 17 this is presumably your first car, so be aware of the costs including insurance, petrol, and the greater risk in your first year of driving that you might bash it.
  
  Lastly, as others have pointed out the car finance would be solely in your mother's name as you are under 18.
• You wont be getting any hire purchase car in YOUR NAME. You're not 18 yet. As for your mum taking out yet another credit agreement, thats risky, especially since she already has considerable debt.
  
  "You would prefer a new car".....hm.....do you realise how much of your cars value will fall out of the boot when you drive it off the forecourt? Never mind the depreciation over 1 year.
  
  However, when I was 19 my mum acted as guarantor for me to get a finance car. With her in mind I picked out the cheapest, most reliable car they had. Your really have to think of your mum here.
  
  Even though I have a finance car, I WILL NEVER HAVE ANOTHER ONE. I will end up paying over the odds for the car, and its just not a good idea. If I buy another car, I'll be paying cash.
  
  Hope this helps.