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Original poster

To not want to take out a finance agreement for partner

290 replies

Queen736 · 08/07/2022 11:46

Just some background info - have been with my partner for 4 years and we are expecting a baby boy in a few months time.

He made some pretty silly financial decisions when he was younger which has led to bad credit and him unable to obtain a finance agreement for the new car he wants. He has asked me to take out the finance agreement in my name and he will pay me the money every month. My issue is I don't feel comfortable taking on this amount of credit (it is quite a considerable amount) and feel that this will affect me when I want to get a new car in the future - I currently own my car outright but have recently been looking to purchase a new car on finance...surely having his car in my name too would prevent me from doing this as I would not pass the affordability checks?

Am I being selfish or is this just a normal thing that people do for their partners?

OP posts:
Shouldbedoing · 08/07/2022 11:47

Don't do it. The debt will be yours

GrazingSheep · 08/07/2022 11:47

How much is involved?

Starspangledrodeo · 08/07/2022 11:47

Not being selfish and you absolutely shouldn’t do it, especially if you’re not married.

You will be solely liable for the debt should he be unable to pay at any point.

11Hawkins · 08/07/2022 11:47

YANBU. Why can't he just save up for the car he wants?

WelcomeEverythingIsFine · 08/07/2022 11:48

You should definitely not do this! It’s not
your problem that his credit score is bad, and yes lenders take other loans into account when deciding whether to give you the money. I’d be firm on this.

ALittleBitAhAh · 08/07/2022 11:48

You are not being selfish at all!

GrazingSheep · 08/07/2022 11:48

And are you currently sharing finances?

TheYearOfSmallThings · 08/07/2022 11:48

I absolutely wouldn't do it.

Danikm151 · 08/07/2022 11:49

Don’t do it. There will come a time when he says oh I don’t have enough money this month.
then you are in arrears on your credit

AgentJohnson · 08/07/2022 11:50

Hell no!!!!!!! What’s he doing to repair his credit? He’ll either have to save up or repair his credit to afford his car, you taking out alone isn’t an option. Stand firm!

NeedToKnow101 · 08/07/2022 11:50

Don't do it!!!

ZealAndArdour · 08/07/2022 11:50

Absolutely DO NOT do this. Never ever take credit out for someone else. NEVER.

Your partner needs to cut his cloth accordingly and work hard to repair his credit score, I’m sure he’ll have a huge sense of satisfaction when he’s worked on that and is able to sort his new car purchase entirely off his own back.

pjani · 08/07/2022 11:51

He might want a new car but it sounds like he can’t afford it. He should save up. Definitely don’t do this! Your gut is telling you no for a reason.

IncompleteSenten · 08/07/2022 11:51

No fucking way on earth I would do that!

Ragruggers · 08/07/2022 11:52

Do not take out finance for anyone.Things can go wrong and you will be
left with the debt.If he wants a new car he needs to save .That will show whether he needs or wants it.Does he have a car at present that he can use if so he needs to make do.Do not give in.

Craver · 08/07/2022 11:52

Don't do it. Suggest be buys a cheaper car.

Lingoflaming · 08/07/2022 11:53

Absolutely no way would I be doing this. He needs to work on improving his credit rating and clearimg outstanding debt first.

Dotjones · 08/07/2022 11:53

Don't do it. If the relationship has a future he will understand.

123becauseicouldntthinkofone · 08/07/2022 11:54

With everyone else including Judge Judy on this one, please do NOT do it.

violetbunny · 08/07/2022 11:55

He needs to cut his cloth according to his budget. Why can't he just buy a cheaper car?
Do not do this unless you're willing to be held responsible for the full amount.

Flossie763 · 08/07/2022 11:55

Financial services underwriter here.

Taking the agreement out for him will impact you being able to take a new car in future. It is calculated in with affordability checks, regardless if he's paying you the money.

The onus is also fully on you to ensure the payments are made, and any missed or late payments will impact your credit file.

There are specialist sub-prime lenders out there (moneybarn, oodle, car finance 247 off the top of my head) who can help, but their rates are high, probably somewhere between 29-39%apr, and their lends are usually less. That's the way the cookie crumbles though, and he may have to suck it up, take a lower priced car at a higher rate for the next few years, rebuild his credit and go for the car he wants next time around. It's all about mitigating risk, and he currently is a risk from a lending perspective.

fuckboris · 08/07/2022 11:55

No, please don't.

Glittertwins · 08/07/2022 11:56

Absolutely do not do it

TheFlis12345 · 08/07/2022 11:56

Not a chance. I can see the car being registered in his name but the debt in yours! If he is bad with money he can’t afford an expensive car.

Flossie763 · 08/07/2022 11:57

And to echo everyone else, do not under any circumstances, take the finance out for him.

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