How to Buy a Car with your Spouse?

Ever thine, ever mine, ever ours! – Beethoven

Once you say ‘I do’, there is no such thing as ‘mine’ and ‘yours’. Everything you own or will own in the future becomes ‘ours’. As a married couple, you may feel like bringing together your resources to buy something. It is a noble thought but when it comes to making a big investment such as a car, tread lightly.

Buying a Car with your Better Half: Deal with Bitter Questions

Buying a car involves making several decisions. You have to consider the type of car that you want to buy. But, before saying ‘I do’ to buying a car with your spouse, you will have to ask each other a few hard questions.

>>What size of car will suit your needs? Also, decide on who will be driving the car most of the time. It will help you to narrow down your options.

>>If you are going to expand your family in the near future, you must consider a kid-friendly car such as a minivan or an SUV.

>>Consider the budget of the car. Will both of you contribute towards the monthly car payments? Are your incomes adequate to manage the car payments along with other debt obligations?

>>Will you be able to manage a down payment? Usually, young couples have hard time getting together money after an extravagant wedding. So, consider your financial situation before visiting a dealership lot.

>>The D-word is often off-the-table for young married couples. However you must remember that in a situation of divorce, a co-buyer will be responsible for the car even if he/she doesn’t use it. Also, division of assets can be a problem when you own a car with your spouse.

A Co-Buyer or a Co-Signer: The Big Auto Loan Question

Discussing the size of the car and the budget are simpler things compared to the big question of auto loan. It is not necessary for your spouse to have a good credit score. A few late payments in the past may have rendered a stain on your credit report as well. You need to discuss your financial situation and credit score before buying a car.

If you are a co-buyer, both of you will be the owners of the car. When you are a co-owner of a property, you and your spouse are responsible for the ownership of the car as well as the auto loan. The lender will review your credit score and your partner’s score to judge your joint auto loan application.

When you become a co-signer for the auto loan, you will only be responsible for the auto loan. You will have no ownership rights. It means the lender will not consider your personal income for approving the loan. But, remember that as a co-signer, the lender will require you to have a good financial standing as you will have to make payments if your spouse is unable to make them.

How to make a Decision?

Who has a Stable Financial Situation?

If your partner earns a good income and has an impeccable credit score, he/she will be able to increase your credit worthiness. The lender will consider his/her income to ascertain the loan amount. It will also help you in lowering the interest rate. With a stellar credit application, the lender may be tempted to provide you with a high LTV. So, when your spouse has a stable financial situation, you can ask him/her to become a co-buyer.

When both of you have average credit scores, sit with a loan officer to make a decision regarding the primary borrower. After considering your incomes, debts and credit scores, you will be able to make a secure decision.

When is going solo the Best Option?

In a real-life scenario, marriage doesn’t always mean being equal. One of you may have significant credit card debt. It is possible that you may still be paying your student loan. There is a possibility that your partner is just starting his/her career and doesn’t possess a good credit score. In such a situation, you have to think twice before making a decision.

If you think that your spouse is not financially responsible, it is best to buy the car on your own. Also, many spouses feel more confident when they have financial autonomy. So, think hard and do not be afraid to ask uncomfortable financial questions. Buying a car is a big responsibility. And, if you are not sure about taking the plunge, it is best that you become the sole owner of the car.

Tips on Bad Credit Loans: Is no credit check or no guarantor a criterion for applying?

Are you boggled down by your ailing credit health? Is your salary falling short to meet the credit bills and loan instalments every month? Are you constantly worried about the rising expenses and looking for ways to raise the income?

Affirmative answer(s) to any of these questions indicate a very bad credit situation.Despite your urgent requirement for additional loans you must be worried about not ruining your score further. Whether you apply for a new loan or credit card, it will make a footmark in your credit report.So, a constant search for loans with no credit check by borrowers is a relevant one. However while you too conduct such a search you should know about certain facts about bad credit borrowing.

Bad credit loans are always more expensive than regular loans extended with good score. So you should be ready to shell out additional cost for loan. The rate of interest would be high and so would be APR %.
Searching for bad credit loans is not a cakewalk. It would entail a lot of research and brain storming to find an affordable lender for the purpose. Despite FCA’s strict guidelines, a lot of loan sharks are also functioning in the market, so you need to be careful while going for direct to lender deals.
Many of the unscrupulous finance companies might post ads with tall claims such as Bad credit loans, No guarantor, No credit check in bold prints to attract the customers. However you should be wary about falling prey to these lenders. As per FCA guidelines no lender can extend a loan without a credit check. Credit check is one of the major pre requisites for testing the loan eligibility of a borrower. As a borrower, you also get to know about the loan affordability with the credit check.

When seeking short term loans no credit check for bad credit situation you can instead ask the lender to not initiate a hard check and save a footprint on the credit report.
In order to restore your credit situation with additional loans, you should seek professional advice. Contact an authorised loan broker and use the advice to mend your credit history. You can search for loan brokers online and contact them by filling an online form. The broker would follow up and search for the cheapest loans for your requirements.
Although a broker would do the Mathematics for you and would guide you on availing the financial service according to your debt to income ratio, you should do some of homework beforehand. The decision to borrow additional loans should be a learned one. For, an additional loan would enhance the financial obligation.

Before initiating a dialogue with broker know clearly how much you want to borrow and how much you can spare for monthly instalments. Enquire about total credit charges, rate of interest, APR % and what if you fail to repay or want to prepay. You should not be unaware about any of the associated costs.
Knowing all these facts, I hope you could borrow right and begin to mend your credit situation.

Christmas Loans – Secure Funds to Celebrate Fiesta in Grand Style

Are you desperate so much to mark your presence in the grand celebrations of upcoming Christmas? You must have started the preparation of all the expenses such as Christmas gifts, decoration of your home or go out for a memorable holiday. All these activities during the fiesta fill your life with happiness, fun and most important, a relief from day to day busy life. However, excitement and celebrations are the one aspect of Christmas, but the other aspect is to become equivalent to the expenses. Aspiring for big, but with not enough funds into account would be difficult.

By doing shopping through credit card might be a good option to control the expenses. However, it only favours small expenditures. If your requirement is for large funds, then opting for Christmas loans would be much better choice for you. These loans are indeed useful in terms of fetching financial assistance without any hassle.

Loans Available on Easy Interest Rates and Repayments

Christmas loans are the ideal financial source to generate funds for the festival’s expenses. One can easily fulfil his or her personal requirements with getting desired funds into the deposit account. More importantly, the loans are offered on the reasonable interest rates and flexible repayment schedules. The marketplace of the UK has now the presence of the lenders, who are opened to the modern-day lending approach.

Applying Christmas loans for the large funds would give an advantage of low repayments to follow, you can easily pay pack the funds without disturbing the monthly budget. It becomes more crucial when the borrowers have poor credit scores. By repaying the funds within time, they can find the credit scores is once again back on the positive side and borrowing more funds would not be difficult at all.

Apply Loans with No Hassle, As No Collateral Is Required

In order to keep the interest rates within their control and also to secure large funds, most of the people opt for the secured Christmas loans. It is indeed a good option to choose, but not all the time. Suppose, you only need to have small funds to overcome small financial needs, then you opting for secured option would not be good to your finances. Keeping your home as collateral for small money would be a huge risk to obtain. Instead, your option should be unsecured Christmas loans.

Finding the lender, who can provide loans in the unsecured way, is not difficult at all. In the huge marketplace of the UK, there is no shortage of lenders providing such easy credit option to the borrowers. They further help in getting the loans on the competitive APRs and enjoying the festival will become more feasible.

There might be a chance that the lender may ask for a guarantor if it agrees to unsecured loans for Christmas. And, if the borrowers do not have a person to back them in the repayments, then the lender still may agree to provide loans, but only in specific conditions and the interest rates would be slightly higher.

Thus, opt for Christmas loans and fix the opportunity for you to celebrate the festival at your own will.