Improved eligibility: A joint application may improve your chances of being approved for car finance, especially if one of you has a better credit score.
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Car finance ›
Joint car finance
Are you looking for joint car finance? Learn how a joint application for car finance works, its benefits and drawbacks, and how we could help.
Joint car finance
Are you looking for joint car finance? Learn how a joint application for car finance works, its benefits and drawbacks, and how we could help.
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What is a joint car finance application?
Joint car finance is when 2 people apply for car finance together, using both their details to support the application. This might be done with a partner or family member, but whoever it is, they must reside at the same address as you.
Applying for joint car finance with someone you live with may improve your chances of being approved, depending on your combined financial situation.
How does a joint car finance application work?
When you make a joint application for car finance, a credit check is done on both applicants. This is to understand your individual and combined situations, to see if you can both afford car finance.
If you choose to take finance out with Moneybarn, we use an initial soft credit check. This does not affect either of your credit scores. Our Conditional Sale (CS) agreement means we pay the dealership for you. You’ll have full use of your car and will be responsible for servicing and maintaining it. Once you make the final payment, you’ll legally own the car!
What is a joint car finance application?
Joint car finance is when 2 people apply for car finance together, using both their details to support the application. This might be done with a partner or family member, but whoever it is, they must reside at the same address as you.
Applying for joint car finance with someone you live with may improve your chances of being approved, depending on your combined financial situation.
How does a joint car finance application work?
When you make a joint application for car finance, a credit check is done on both applicants. This is to understand your individual and combined situations, to see if you can both afford car finance.
If you choose to take out finance with Moneybarn, we use an initial soft credit check. This does not affect either of your credit scores.
Our Conditional Sale (CS) agreement means we pay the dealership for you. You’ll have full use of your car and will be responsible for servicing and maintaining it. Once you make the final payment, you’ll legally own the car!
To get joint car finance, you’ll need:
- Combined monthly income of over £1,300 (after tax)
- To be aged between 20 and 75
- A full valid UK driving licence
- 2 consecutive months of payslips
We can finance cars that meet our lending criteria:
- Priced between £4,000 and £35,000
- Up to 120,000 miles on the clock
- No older than 15 years by the end of the agreement
- Read more about our lending criteria
To get joint car finance, you’ll need:
- Combined monthly income of over £1,300 (after tax)
- To be aged between 20 and 75
- A full valid UK driving licence
- 2 consecutive months of payslips
We can finance cars that meet our lending criteria:
- Priced between £4,000 and £35,000
- Up to 120,000 miles on the clock
- No older than 15 years by the end of the agreement
- Read more about our lending criteria
Find out more about the sources of income we accept.
The first step is to try out a car finance calculator. This will give you an idea of what your monthly payments could look like, depending on the repayment term and amount you want to borrow.
Find out more about the sources of income we accept.
The first step is to try out a car finance calculator. This will give you an idea of what your monthly payments could look like, depending on the repayment term and amount you want to borrow.
What are the benefits and risks of a joint car finance agreement?
What are the benefits and risks of a joint car finance agreement?
Benefits of joint car finance
Benefits of joint car finance
Risks of joint car finance
Improved eligibility: A joint application may improve your chances of being approved for car finance, especially if one of you has a better credit score.
Shared responsibility: Failure to keep up with repayments may mean the vehicle is repossessed. It could also make it difficult for you both to get credit in the future.
You could borrow more money: Combining incomes may increase the amount you can borrow, potentially allowing you to buy a bigger or newer car.
You become financially linked: A joint car finance agreement links you to the other applicant, which can affect your credit score if the other person has bad credit.
Splits the cost: Sharing the cost of car finance can help to make buying a new car cheaper for both people, especially if you’re looking to upgrade to a newer or bigger model.
Can strain relationships: Financial difficulties or disagreements over payments can strain your relationship, especially if one person wants to stop making repayments.
Can improve your credit score: Making your monthly payments in full and on time may help to improve your credit score over time. This might make it easier to get approved for credit in the future.
May cause ownership issues: With joint finance, the car’s primary user is usually its registered keeper. This can cause issues since both are liable for the finance, but only one manages the car.
You could borrow more money: Combining incomes may increase the amount you can borrow, potentially allowing you to buy a bigger or newer car.
Splits the cost: Sharing the cost of car finance can help to make buying a new car cheaper for both people, especially if you’re looking to upgrade to a newer or bigger model.
Can improve your credit score: Making your monthly payments in full and on time may help to improve your credit score over time. This might make it easier to get approved for credit in the future.
Risks of joint car finance
Shared responsibility: Failure to keep up with repayments may mean the vehicle is repossessed. It could also make it difficult for you both to get credit in the future.
You become financially linked: A joint car finance agreement links you to the other applicant, which can affect your credit score if the other person has bad credit.
Can strain relationships: Financial difficulties or disagreements over payments can strain your relationship, especially if one person wants to stop making repayments.
May cause ownership issues: With joint finance, the car’s primary user is usually its registered keeper. This can cause issues since both are liable for the finance, but only one manages the car.
Will I be approved for joint car finance?
When you apply, we only do a soft credit check, which doesn’t affect your credit score. Some lenders may perform a hard credit check at the point of application, which can affect your score and leaves a mark on your credit file.
Your chances of being approved depend on factors like:
- Whether you meet eligibility criteria: To qualify for joint car finance with us, you must have a combined monthly income of over £1,300 after tax and live at the same address as the person you are applying with.
- Your credit histories: When you make a joint application, we look at both of your credit files. If you or the person you’re applying with has good credit, it may help your chances of being approved.
- Combined affordability: We consider both of your financial situations, including income and expenses. As a responsible lender, we will only offer car finance if it is affordable and suitable for both of you.
Will I be approved for joint car finance?
When you apply, we only do a soft credit check, which doesn’t affect your credit score. Some lenders may perform a hard credit check at the point of application, which can affect your score and leaves a mark on your credit file.
Your chances of being approved depend on factors like:
- Whether you meet eligibility criteria: To qualify for joint car finance with us, you must have a combined monthly income of over £1,300 after tax and live at the same address as the person you are applying with.
- Your credit histories: When you make a joint application, we look at both of your credit files. If you or the person you’re applying with has good credit, it may help your chances of being approved.
- Combined affordability: We consider both of your financial situations, including income and expenses. As a responsible lender, we will only offer car finance if it is affordable and suitable for both of you.
Join thousands of monthly customers like Gary
Since I’ve been a customer, I’ve seen a positive impact on my credit score, which is an added bonus on top of having the car we need. Being a Moneybarn customer makes me feel at ease and I would definitely recommend them – Gary.
Join thousands of monthly customers like Gary
Since I’ve been a customer, I’ve seen a positive impact on my credit score, which is an added bonus on top of having the car we need. Being a Moneybarn customer makes me feel at ease and I would definitely recommend them – Gary.
Applying for joint car finance with bad credit
If you or the person you’re applying with has bad credit, you might be worried that this means you won’t get approved. Even if you had bad credit, you may still be able to get car finance in joint names.
We use a soft credit check at the point of application. This won’t affect either of your credit scores, and helps us to understand your eligibility. We only use a hard credit check when contracts are drawn up for you to sign. Learn more about the differences between soft searches and hard credit checks.
We specialise in providing bad credit car finance to help people with poor credit histories. This includes those with CCJs, IVAs, or who have been refused for car finance by other lenders.
Applying for joint car finance with bad credit
If you or the person you’re applying with has bad credit, you might be worried that this means you won’t get approved. Even if you had bad credit, you may still be able to get car finance in joint names.
We use a soft credit check at the point of application. This won’t affect either of your credit scores, and helps us to understand your eligibility. We only use a hard credit check when contracts are drawn up for you to sign. Learn more about the differences between soft searches and hard credit checks.
We specialise in providing bad credit car finance to help people with poor credit histories. This includes those with CCJs, IVAs, or who have been refused for car finance by other lenders.
How to access our finance
If you need vehicle finance, we’ve got you covered. Thanks to our wide network of trusted credit brokers you can sit back and focus on what truly matters.
When you apply with our credit brokers, they will have a range of lenders that could offer you finance including ourselves. To make it simple, they will handle the paperwork, vehicle searching, and everything in between. Credit brokers may charge an administration fee.
How to access our finance
If you need vehicle finance, we’ve got you covered. Thanks to our wide network of trusted credit brokers you can sit back and focus on what truly matters.
When you apply with our credit brokers, they will have a range of lenders that could offer you finance including ourselves. To make it simple, they will handle the paperwork, vehicle searching, and everything in between. Credit brokers may charge an administration fee.
Can I get joint car finance on benefits?
We understand that no matter your financial situation, you still need a reliable car to get around.
We’re proud to accept applicants who claim benefits, whether you’re making a single application or a joint application. For more information, please see our car finance with benefits page.
Is joint car finance right for you?
Joint car finance can be helpful if both of you have a low income but good credit, or if one person has a higher income and the other wouldn’t have a high enough income to apply alone.
You might ask, ‘Is it better to apply for a joint car loan?’. Our answer is that it depends on your circumstances and those of the person you’d be applying with.
Things to think about:
Can I get joint car finance on benefits?
We understand that no matter your financial situation, you still need a reliable car to get around.
We’re proud to accept applicants who claim benefits, whether you’re making a single application or a joint application. For more information, please see our car finance with benefits page.
Is joint car finance right for you?
Joint car finance can be helpful if both of you have a low income but good credit, or if one person has a higher income and the other wouldn’t have a high enough income to apply alone.
You might ask, ‘Is it better to apply for a joint car loan?’. Our answer is that it depends on your circumstances and those of the person you’d be applying with.
Things to think about:
Shared responsibility: With joint car finance, you are both responsible for making repayments. If the monthly payments are missed, it might lead to the car being repossessed.
Financial link: Getting joint car finance creates a financial link between both of you. This means their credit history could impact your credit score and your ability to get finance in the future.
Your affordability: Only apply for joint finance if you can both afford the monthly payments. If either of you faces financial difficulties, it could put a strain on your relationship and your finances.
Joint ownership: In a joint agreement, 1 person is usually listed as the car’s registered keeper. This person is responsible for insurance, taxes, and is the first point of contact for any fines.
Shared responsibility: With joint car finance, you are both responsible for making repayments. If the monthly payments are missed, it might lead to the car being repossessed.
Financial link: Getting joint car finance creates a financial link between both of you. This means their credit history could impact your credit score and your ability to get finance in the future.
Your affordability: Only apply for joint finance if you can both afford the monthly payments. If either of you faces financial difficulties, it could put a strain on your relationship and your finances.
Joint ownership: In a joint agreement, 1 person is usually listed as the car’s registered keeper. This person is responsible for insurance, taxes, and is the first point of contact for any fines.
Before you apply, it’s important to make sure you fully understand how it works and that you’re both happy with the arrangement.
FAQs about joint car finance
What’s the difference between joint car finance and guarantor finance?
The main difference between joint car finance and guarantor car finance is the responsibility the second person has in the agreement.
With joint car finance, you and another person apply together and take the same responsibility for repaying the finance. If you take out car finance with a guarantor, you will be responsible for the repayments, and the guarantor will only make payments if you fail to.
While we don’t offer guarantor agreements, we specialise in helping people who have been refused elsewhere get car finance with bad credit and no guarantor.
Who owns the car in a joint car loan?
During the joint agreement, both people can use the car, but a ‘primary user’ will be decided and recorded as the registered keeper of the car. This is because a car can only have 1 registered keeper.
The registered keeper will be responsible for looking after the car, paying taxes, and being the point of contact for any fines or motoring offences. It will usually be the person who drives the car the most.
Our Conditional Sale agreement means you have full use and access to the car for the term of the agreement, but we are the legal owner. You become the legal owner once the final payment has been made.
Can a couple finance a car together?
Yes, couples can finance cars together with a joint agreement. It doesn’t matter if they’re legally married or in a relationship; they can apply for car finance in joint names if they live together at the same address.
Before applying for car finance, it’s important to research and understand the potential advantages and disadvantages. Find out more in our guide: ‘Is car finance worth it?’.
Is joint car finance the same as financing a car for someone else?
No, applying for joint car finance is not the same as applying for a finance agreement for somebody else.
Joint car finance is when both applicants live at the same address are equally responsible for making monthly payments.
Applying for car finance for someone else is known as ‘fronting’ and is illegal. Learn more in our guide, ‘Can you finance a car for someone else?‘.
Can you add someone to your car finance agreement?
No, you can’t add someone to a car finance agreement once it’s in place. If you want to include another person, you would usually need to apply for a new joint car finance agreement. This means both you and the new applicant would need to go through the application process together.
Contact your lender for specific details about your options if this is something you want to explore.
Is joint car finance more likely to be accepted?
Joint car finance may improve your chances of approval because it combines the incomes and credit histories of both applicants. However, approval is not guaranteed. Lenders will assess both your financial situations, including credit scores and income, to determine if finance is affordable for both parties.
Before you apply, it’s important to make sure you fully understand how it works and that you’re both happy with the arrangement.
FAQs about joint car finance
What’s the difference between joint car finance and guarantor finance?
The main difference between joint car finance and guarantor car finance is the responsibility the second person has in the agreement.
With joint car finance, you and another person apply together and take the same responsibility for repaying the finance. If you take out car finance with a guarantor, you will be responsible for the repayments, and the guarantor will only make payments if you fail to.
While we don’t offer guarantor agreements, we specialise in helping people who have been refused elsewhere get car finance with bad credit and no guarantor.
Who owns the car in a joint car loan?
During the joint agreement, both people can use the car, but a ‘primary user’ will be decided and recorded as the registered keeper of the car. This is because a car can only have 1 registered keeper.
The registered keeper will be responsible for looking after the car, paying taxes, and being the point of contact for any fines or motoring offences. It will usually be the person who drives the car the most.
Our Conditional Sale agreement means you have full use and access to the car for the term of the agreement, but we are the legal owner. You become the legal owner once the final payment has been made.
Can a couple finance a car together?
Yes, couples can finance cars together with a joint agreement. It doesn’t matter if they’re legally married or in a relationship; they can apply for car finance in joint names if they live together at the same address.
Before applying for car finance, it’s important to research and understand the potential advantages and disadvantages. Find out more in our guide: ‘Is car finance worth it?’.
Is joint car finance the same as financing a car for someone else?
No, applying for joint car finance is not the same as applying for a finance agreement for somebody else.
Joint car finance is when both applicants live at the same address are equally responsible for making monthly payments.
Applying for car finance for someone else is known as ‘fronting’ and is illegal. Learn more in our guide, ‘Can you finance a car for someone else?‘.
Can you add someone to your car finance agreement?
No, you can’t add someone to a car finance agreement once it’s in place. If you want to include another person, you would usually need to apply for a new joint car finance agreement. This means both you and the new applicant would need to go through the application process together.
Contact your lender for specific details about your options if this is something you want to explore.
Is joint car finance more likely to be accepted?
Joint car finance may improve your chances of approval because it combines the incomes and credit histories of both applicants. However, approval is not guaranteed. Lenders will assess both your financial situations, including credit scores and income, to determine if finance is affordable for both parties.
Car finance explained
Our guide explains how car finance works and the different types available, so you can choose the option that’s right for you.
What do you need to apply?
Knowing what documents you’ll need can help to avoid any unnecessary delays. Find out more below.
For a better road ahead
Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA promotes best practice in the motor finance industry for lending and leasing to consumers and businesses.
Moneybarn is the trading style of Moneybarn No. 1 Limited, a company registered in England and Wales with company number 04496573, and Moneybarn Limited, a company registered in England and Wales with company number 02766324. The registered address for these companies is: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.
Moneybarn’s VAT registration number is 180 5559 52.
Moneybarn Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702781)
Moneybarn No. 1 Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702780)
