Car finance for wife

[Doofus]

AudiMan9000 said:

I appreciate the responses but they don’t in anyway accord with the article I posted. It’s not a case of what you believe/want to believe or what the dealer tells you or is okay with. It’s a question of what declarations you’re signing when you apply for finance...principally that you will be the registered keeper/main driver of the vehicle.

I think you have fundamentally misunderstood the message of the article.

Not that it matters, because you don't believe nay of the posters on here who have told you otherwise, so why not go and ask the dealer?

[sherman]

Can you not just take out an unsecured personal loan from a bank etc to pay for the car ?
You pay the loan and the wife insures and drives the car.
In the eyes of the dealer its a cash sale. As long as he sees insurance and tax he wont care who drives off the forecourt.

[stuartmasson]

sherman said:

Can you not just take out an unsecured personal loan from a bank etc to pay for the car ?
You pay the loan and the wife insures and drives the car.
In the eyes of the dealer its a cash sale. As long as he sees insurance and tax he wont care who drives off the forecourt.

The OP didn't say, but if he was looking at a PCP then chances are the monthly payments would be much lower than on a personal loan.

[maz8062]

It's a weird one.

- The OP's wife needs/wants a car
- Wife doesn't work and doesn't have an income.
- Wife wants to borrow money to buy a car without an income.
- The OP appears unwilling to finance the said car (reasons unknown)

This will not be an easy sell to a finance company. Are Provident still around? It might be worth giving them a shout.

Good luck

[easy_rider33]

I would have thought that your wife could just get the finance in her name, I assume the lending criteria hasn't changed much in the past few years? My wife purchased a car that she would have had no hope in hell paying for if she didn't have access to our joint finances. They should do an affordability check and go form there.

[omniflow]

You're married. That's about as complicated as it gets.

My wife doesn't work - but she lives in a house for which I pay the mortgage, and I don't charge her rent.

I am the registered keeper and policy holder for every car in our household. My wife is a named driver on all of them but she only normally drives one of them, so in theory that's her car. If you're married and live at the same address insurance companies are really not bothered. It's not fronting - it would probably be cheaper if there was a policy in her name, but it's easier for me to deal with all of the admin.

You can take out finance in your name for a car that your wife will be the main driver - of course you can. If you've seen or read something that says you can't, then either it's wrong, or you've mis-interpreted it.

[Sheepshanks]

omniflow said:

I am the registered keeper and policy holder for every car in our household. My wife is a named driver on all of them but she only normally drives one of them, so in theory that's her car. If you're married and live at the same address insurance companies are really not bothered. It's not fronting - it would probably be cheaper if there was a policy in her name, but it's easier for me to deal with all of the admin.

Same for us, although a few years ago I changed the car that is nominally wife's into her name on the insurance policy (so she became policyholder) solely to give her the safety net of having DOC cover after her dad tried to get her to drive his car absolutely insisting she was covered (she wasn't).

Insurer said they didn't care. I am noted as owner and RK.

[Pothole]

AudiMan9000 said:

https://www.thecarexpert.co.uk/taking-car-finance-...

https://www.autoebid.com/blog/car-finance/can-someone-take-out-car-finance-for-me#:~:text=There%20are%20exceptions%20where%20lenders,be%20used%20by%20both%20parties.&text=However%2C%20the%20person%20who%20takes,to%20be%20the%20main%20driver.

[AudiMan9000]

But as per my original question, is there anything to stop her getting PCP in her own name without any income? We don’t use a joint bank account if that makes any difference.

[Pothole]

AudiMan9000 said:

But as per my original question, is there anything to stop her getting PCP in her own name without any income? We don’t use a joint bank account if that makes any difference.

Ask the dealer.

[AudiMan9000]

As an ‘accommodation deal’, it sounds like it would depend on the terms and conditions of the dealer finance, which might therefore limit which brands can be chosen from.

[TarquinMX5]

Surely the people to ask are those likely to provide the finance, ie the finance company. Any views expressed on t'internet are irrelevant; they either will, or they won't. Nothing anybody on here says will change their mind.

I've never used finance but wouldn't have thought your 'problem', if indeed it is even an issue, was insurmountable.

[AudiMan9000]

Thank you. It’s not a problem really, just wondering where we’ll stand when current PCP runs out as that was taken out in her own name when she was employed. Sounds like it won’t be an issue whichever way you look at it. Thanks for everyone’s help/input.

[Dimebars]

AudiMan9000 said:

If I took finance out for someone else’s car, this would be known as ‘fronting’ i.e. fraud. Google it if you don’t believe me.

Sorry, that's bks

I finance both cars in my house. I drive one, she drives the other. Both insured under a multicar policy where I earn NCB on my car and she earns NCB on hers

[stuartmasson]

AudiMan9000 said:

But as per my original question, is there anything to stop her getting PCP in her own name without any income? We don’t use a joint bank account if that makes any difference.

Only the finance company can answer that question for you.

Assuming you're 'actively' married and living at the same address (ie - not separated), some finance companies won't have any problems. Others may baulk at the prospect of her making a finance application despite not having any income. Some finance companies won't accept a finance application from her using your bank account, even if you're married. If she has no money going into her own account, she has no way of showing that she can afford the finance payment.

The finance company will look at a whole host of factors in the application. Employment history (is her current lack of income a recent thing or a long-term thing?), residential history (people who move house regularly are considered higher risk), previous credit history, etc. If you're married, most finance companies will ask for overall household income rather than just her own income.

Ultimately it comes down to how much of a risk they think the loan would represent. If there are concerns, they may look for ways to mitigate that risk. They may ask you to be a guarantor for the loan, or they may require a more substantial deposit to reduce their risk.

[stuartmasson]

Pothole said:

AudiMan9000 said:

https://www.thecarexpert.co.uk/taking-car-finance-...

https://www.autoebid.com/blog/car-finance/can-someone-take-out-car-finance-for-me

Both of these articles are talking about something different than the OP's situation. They deal with Person A being unable to get finance and so Person B buys a car on finance, giving the impression that it's for their own use whereas it's actually being done on behalf of Person A. That definitely is fronting and it's fraud.

The OP isn't trying to defraud the finance company. Yes, it's an accommodation deal but that's not illegal and nor is it fraudulent in itself. It only becomes fraudulent if you're lying on your finance application in order to secure a finance approval that would otherwise be declined.

Whether the finance company approves it in the OP's situation would depend on the specific circumstances of the application and how that compares to the finance company's policy on finance within a household.

[anonymous-user]

AudiMan9000 said:

But as per my original question, is there anything to stop her getting PCP in her own name without any income?

Yes, her lack of income.

[ZX10R NIN]

You can take the finance out in your name with your as the main driver I have done deals for people that have financed cars exactly as you describe on hundreds of occasions. The finance companies are happy to do this, some have different permutations as to whose name the vehicle is in.

[CSLM3CSL]

Dimebars said:

Sorry, that's bks

I finance both cars in my house. I drive one, she drives the other. Both insured under a multicar policy where I earn NCB on my car and she earns NCB on hers

I have worked for two car finance companies and both required the finance, V5 and insurance to all be in the name of the same person. Does the multicar policy get around this? or is one if the cars actually insured in your wife's name?

[jonwm]

I have had lease and hp cars for my wife all in my name. She has never had a car loan since we have been married. She is also insured as the main driver and never had any problems.