17 May 2018 at 8:00 pm #131784
I currently have finance on a DS 3 (66 plate) costing £253.00 per month. I am struggling a little with the repayments so have decided to exchange for a smaller, older Citroen C1 (14 plate). I am currently unemployed so have been told that I will not be given finance, even though it will be for a lesser amount than what I am currently paying.
My daughter is employed and has agreed to finance the car although the finance manager at the garage today said that she would have to be named on the log book and be the main driver on the insurance. I am not sure this is correct information and am looking for advice on whether this is right or not.
She already has her own vehicle and if we have to insure my car in her name then we will not be saving any money at all as she is only 20 and the insurance will be much higher than in my name only.
30 May 2018 at 11:03 pm #132044
Hi Allison. The dealer is correct; your daughter cannot take out finance on your behalf. It’s called an Accommodation Deal and finance companies generally won’t allow it.
For more information, have a read of our article about this very topic – Can I take out car finance for someone else?