Car Finance While Living With Parents

Car finance is a good way to purchase your next car and can get you on the road. But what happens if you live with your parents and can you still be accepted for finance? Read on to find out.

Being accepted for finance is all based on your credit score. If you live at home, you either will have no credit score, or a very limited credit history – most probably.  

Looking at smaller finance agreements or credit deals can build your credit score, just be mindful to make sure you’re doing it for the right reasons and stay on top of your payments. Make sure you do your research and consult a specialist before agreeing to anything.

You might still get accepted for finance, it depends on the lender and how they accept different people. Some are specialists in dealing with those with little or no credit history – so this is an option too.

Your parents can co-sign a loan or credit card with you, but they cannot take out finance on your behalf. Finance has to be taken out in the name of the driver; it is illegal to take car finance out on behalf of another person.

Increasing the amount of money you put into the deposit will also make you more likely to be accepted. There are different combinations to look at when searching for car finance, that a specialist will guide you through.

Make sure you look at the APR percentage on the finance deals, as these vary from lender to lender and depend on your circumstances.

Living at home has loads of benefits, and in a lot of cases, you can still get car finance and get the best of both worlds.

To find out more about car finance in Carlisle, visit the team at Border City Autos.