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Scottish Trust Deed Forum
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10/07/2011 8:42 pm
Hi, I entered into a trust deed in Nov 2010. I have a 3 year finance deal with Honda and make the last payment at the beginning of Aug. I then have 3 options, 1. pay off the outstanding balance which is just under £5k (not an option) 2. walk away - but I need a car to get to work. 3. take out another option deal, but I am presuming I won't be able to do this because of the trust deed but if I had my mum or dad as guarantor would this be acceptable by the finance company? Thanks in advance for any advice.
10/07/2011 9:29 pm
Welcome to the trust deed forum lac.
All finance companies have their own acceptance criteria so we cannot give you a definitive answer.
However, anyone with any kind of negative credit history (including a trust deed) is likely to find car finance harder to source and more expensive if they can source it.
You could ask about your parents acting as guarantors. If they're prepared to do that though, perhaps they'd also be prepared to finance the car for you directly and remove your negative credit history from the equation altogether? Whether they take out the finance or act as guarantors, they're ultimately responsible either way.
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