Trying to buy a car on PCP

[unicormb]

Our household income is around £90-100k, but mostly my DH's income, and he is self employed. I have regular benefits as I am a carer and have a disabled child, amounting approx £7k a year.

I am the only driver in our family. DH can't as he only has good sight in no eye and depth perception issues, which would make driving for him dangerous. He has no license.

We need a new car. Our current one is PCP due to end in November. I was approved for finance back then but I can't find anyone to finance the purchase now, despite decent credit scores. We pay £260 a month for current car. Looking to go electric next so happy to go up another £100. We can afford it.

I just can't get credit for it. He can't apply, as that's technically fronting and illegal. I am starting to fret because I've been turned down for credit twice now and I know it affects my score.

I have to find £6k in Nov to buy my car outright (we don't have this much in our savings). Or I have to sell my car. And I have a disabled child and blue badge. I need a car.

This was a niggle in the back of my mind before but it's just frightening me now. We need it sorted, but I have no idea what to do.

Let’s try that again:
You can refinance your current car on pcp for another 3 years (effectively buy it as a second hand car on finance) and use the equity in your car as a deposit. Just ask your finance provider. My DH has just done this. His monthly payment went down a lot as well.

Yes, if he paid me more that a certain amount a week

Your DH can just take out a loan, it needn’t be for a car

I would look into this being illegal. We always have cars on pcp. I usually the main driver but in the past finance was in DH name, insurance in mine.

I find it hard to believe that the person buying a car has to be the person driving the car.

Yes, if he paid me more that a certain amount a week

Ok so would he employ you for less than the threshold amount a week so you can improve your credit score?

Do some admin or accounts for him?

For all those that are insistent that OP is wrong and finance fronting is not illegal and just get it in her DH name. I've done the research and found the answer for you. OP is 100% correct.

Is fronting finance illegal?

Definition. In car finance terms, fronting is a fraudulent act that occurs when one person takes out a Credit Agreement on behalf of another. This is considered a criminal offence and can lead to prosecution and large fines.

www.creditplus.co.uk › fronti...

Fronting | Car Finance Glossary - Creditplus

I mean, yeah. I did say that.