Car leasing question

[Wdk1866]

Hi,
This might be a stupid question but here goes anyway. I am looking at leasing a car with no deposit, the tricky but is I can't lease in my name as I have not the best credit rating, I am not worried about affordability as I am starting a new job which includes a gross 17k pay rise. So can I put the lease in my dad's name and I drive the car? We don't live at the same address which is something they may look at. Does anyone have experience in this or companies that can help

Edited by Wdk1866 on Friday 20th June 17:07

[Wdk1866]

Oh ok so not a good idea

[16v stretch]

Your father can act as a guarantor.

Makes you a more appealing prospect to a finance company.

[Wdk1866]

Ok great so how might that work is it something most business will look at?

[xRIEx]

£17K pay rise? Get a loan, buy a car. Repair your credit rating. Get a lease.

[Wdk1866]

Don't think my current position would allow for a good loan. And don't want to take on debt when paying some off now, I appreciate leasing is also a financial agreement

[siovey]

No one's bothered about guarantors nowadays for leasing cars so that's a waste of time. Putting it in your dads name for you is an accommodation deal and a definite no no , unless you don't get found out
You'll be struggling really if you don't have a good credit rating.Although I imagine you'll have a better chance getting a secured finance deal on a car than an unsecured personal loan
To be fair, you're probably best saving up some of that nice pay rise and buying a nice car for cash in 12 months time!
Good luck!

[Wdk1866]

Thanks for the advice, I am going to need a car for work so looking for the best way to get one and was hoping a lease would work in my favour with a guarantor but sounds like this doesn't exist anymore. It's frustrating as I know it is more than affordable but my current status suggests otherwise

[TheInsanity1234]

Why don't you buy some old car for a grand or two with the extra from your pay-rise, then just focus on paying off your debt, then when you get a really good credit rating, you can go and buy yourself a nice car for less than what you'd have to pay with a rubbish credit rating?

[/my 2p worth]

[Welshbeef]

Given you have highlighted you already have debt (must be significant with zero to show for it now) and even with a £17k payrise your unable to get a loan for a new car.


Do you need a car?
Do you have a car? If so keep it until all debts paid off then start again.

£17k gross payrise would mean either c£1.1k extra a month lower tax rate payer or c£0.9k PCM higher rare tax payer. Not interested in your personal finances but you must have been very generous with spending previously.

[Matt Clay]

You can't afford it.

[Welshbeef]

Matt Clay said:

You can't afford it.

Certainly sounds that way but to have a £17k payrise would indicate an initial salary well over £30k IMHO actually I'd say over £50k initial but as you rightly point out it doesn't sound like its affordable.


OP house in order first of all keep what you have sort out whatever has gone wrong previously then start again - it is nice to have and want it now but sometimes you just have to delay a while for the better long term.

Good luck to you.

Also remember any finance deals you take out will reduce your max mortgage borrowing if your looking to get into a property purchase