To not want to take out a finance agreement for partner

[Queen736]

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?

[SlouchingTowardsBethlehemAgain]

He should not have even asked you to do this for him. That is one big red flag on its own. What decent man asks his pregnant girlfriend to take out a loan for him. Is he a big kid who needs a shiny new car (that you will pay for). Fuck that.

[WifeMotherWorkRepeat]

No way! Please don’t do this.

[Badbadbunny]

Personally I think it's bad enough that you're having a child together without being married/civilly partnered due to the lack of legal/financial protections.

But taking out a credit agreement for an expensive car he almost certainly doesn't need - a definite big fat no!

There's a reason he can't get credit in his own name - it's because of his past conduct!

His top priority should be to sort out his credit rating. Until he does that, it's going to haunt your joint future, i.e. buying a house together (or even renting together), future finance agreements you may need together, i.e. furniture or home improvement loans, etc etc.

[Fluffymule]

A partner, not a husband, and you are about to have a baby with him.

You are already at financial risk if you split up in the future in terms of equitable child costs and housing. You would be bonkers to heap more financial risk onto yourself by taking out any credit agreements in your name for him.

He has no obligation to pay anything on it. Words are cheap, and when men leave their partners it is not rare that they pay anything more than the bare minimum they can get away with. You couldn't force him to pay for a credit agreement in your name. You will be responsible for every penny, at a time when you could also be looking at solo housing costs, a lack of proper CMS and so on.

Even if you stay together he could simply not pay; he could have months where he wants to spend on other things, months where he claims to be 'a bit short'. And you can do nothing about it. You either cough up or you get the defaults, you lose your credit worthiness. No skin off his nose.

Don't put yourself at risk like this. He could walk away at any point and you will be 100% liable.

[Weirdlynormal]

So a financial institution has said that he is too big a risk for them to lend money to, so he wants you to assess this as a great idea and saddle yourself with debt? He was unable to manage his own finances well enough that he's in this situation and now he wants a go at doing the same to you.

This is possibly the worst idea ever. DO NOT DO THIS. Total madness.

I'm an Financial Adviser and this my professional advice.

[SEJ1789]

My partner has pretty crappy credit so he found out what he could get and looked for a car within what he would be accepted for. Unfortunately he should just pick a car that he can have not one that he wants if it is out of his affordability.

[whynotwhatknot]

erm no-and noone needs a new car on finance if he wants a car he should save for one secondhand

[onmywayamarillo]

He'll have to work hard on getting his credit rating up.
Although it does say a lot about him.. asking you take out expensive finance just before you have a baby is saying to me he clearly hasn't learnt his lesson with money!
Steer clear of any joint financial agreements with this man until he can prove to you he is sensible with money and credit

[Luidaeg]

why is he buying a new car with a credit agreement beyond his technical means when there is a baby in the way?





Personally I think it's bad enough that you're having a child together without being married/civilly partnered due to the lack of legal/financial protections.
only if op is planning to give up / reduce work

[SpiderVersed]

Stick to your guns, OP.

[ememem84]

The only way I’d do it was to have the car registered in my name until it was fully paid off by him.

but even then I’d still be wary.

[GlitteryGreen]

I would definitely not do this.

I know someone who took out a 10k loan for her boyfriend to pay off some other debts when they were together as she could get a much better rate than him. He as paying her back monthly, but they split a few months later and never saw another penny from him, so ended up having to pay it all of herself.

[Goldfishmountainclimber]

Don’t do it, op.

[HollowTalk]

@ememem84

The only way I’d do it was to have the car registered in my name until it was fully paid off by him.

but even then I’d still be wary.

But why would she do that? Why would she want something that's hugely depreciating in value that he is using all the time?

[EmilyBolton]

Hang on..everyone here quite rightly saying don’t take a loan but no one questioning why she is having a baby with this guy and whether he is paying for his share of that or dumping that debt on her too.
I think there are bigger fish to fry than a bloody car if she doesn’t trust him

[Ohsugarhoneyicetea]

He's still making shitty financial decisions, like the one to try and guilt his pregnant girlfriend into buying him an expensive new car. Eyes wide open.

[Bellevu]

No way in hell.

[hattie43]

Absolutely don't do it .

Years ago my friend did the same for her husband and he buggered off leaving her to pay his £40k , it was all in her name . Lesson learnt

[dworky]

Do not even consider it. No-one who cared about you would ask.

[Meraas]

@EmilyBolton

Hang on..everyone here quite rightly saying don’t take a loan but no one questioning why she is having a baby with this guy and whether he is paying for his share of that or dumping that debt on her too.
I think there are bigger fish to fry than a bloody car if she doesn’t trust him

She can't send the baby back up her fallopian tube, so asking her why she is having a baby with him is redundant.

[Beautiful3]

No I wouldn't do it. There's nothing stopping him from leaving you or simply not repaying you, over the next few years. I would encourage him to save some money, to buy a car outright. A dd into another account would be better for him.

[Queen736]

This situation has arisen due to an accident he was involved in last week. His car has now been written off, hence why he needs a new one. He wants to use this opportunity to upgrade.

Prior to this, he has never really asked me for anything and has always paid for his own things. Asking me why I'm having a baby with him is irrelevant, it is what it is, can't exactly send the baby back 😂

[GonnaGetGoingReturns]

Don't do it, debt will be yours. Had experience of someone (a man) asking me to be a guarantor for this for them, apparently low risk for me (ha!) turned out they were/are bankrupt left, right and centre and still are!

[GonnaGetGoingReturns]

@Queen736

This situation has arisen due to an accident he was involved in last week. His car has now been written off, hence why he needs a new one. He wants to use this opportunity to upgrade.

Prior to this, he has never really asked me for anything and has always paid for his own things. Asking me why I'm having a baby with him is irrelevant, it is what it is, can't exactly send the baby back 😂

Regardless of the situation I'm sure he can sort out the finance himself!

You're placing an undue amount of trust in him saying he'll pay you back.

Even though you're having a baby with him (your choice), if you split up with him or take out/are a guarantor for him you'll then have a baby to chase CMS for/or maintenance and will then have this finance agreement to.

[saleorbouy]

Never take out a loan for anyone else unless you are married and are jointly named as the asset owner.
If he leaves you and defaults payments you will be liable for the debt with the creditors and if you default you credit history will be affected.
More importantly your assets can be siezed and sold to repay the debt.