Are you looking for joint car finance? It’s important you understand how it works to see if its the best option for you. Our handy guide is here to help make applying for joint car finance easier.
Are you looking for joint car finance? It’s important you understand how it works to see if its the best option for you. Our handy guide is here to help make applying for joint car finance easier.
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Joint car finance is when two 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. So, yes, you can finance a car under joint names.
When you submit a joint car finance application with us, we will run an initial soft credit check on both applicants. This will not impact either of your credit scores. If you are accepted, we’ll be happy to discuss your options so you have an agreement that you can afford based on the circumstances of both people involved.
While there are advantages and disadvantages to joint car finance, it’s important that both you and the person you’re applying with understand how it works.
It’s important to know that when applying with us, your combined monthly income must total £1,300 after tax. If you are unsure about this, you can view what sources of income we accept.
The first step is to try out our car finance calculator. This will give you a clear idea of what your joint car loan could look like, depending on the repayment term and amount you are wanting to borrow.
Once you’re happy, you can get a quote by speaking to our team. Please note that joint applications need to be made to us over the phone. Don’t worry, our team will be happy to help guide you through the process.
Joint car finance is when two 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. So, yes, you can finance a car under joint names.
When you submit a joint car finance application with us, we will run an initial soft credit check on both applicants. This will not impact either of your credit scores. If you are accepted, we’ll be happy to discuss your options so you have an agreement that you can afford based on the circumstances of both people involved.
While there are advantages and disadvantages to joint car finance, it’s important that both you and the person you’re applying with understand how it works.
It’s important to know that when applying with us, your combined monthly income must total £1,300 after tax. If you are unsure about this, you can view what sources of income we accept.
The first step is to try out our car finance calculator. This will give you a clear idea of what your joint car loan could look like, depending on the repayment term and amount you are wanting to borrow.
Once you’re happy, you can get a quote by speaking to our team. Please note that joint applications need to be made to us over the phone. Don’t worry, our team will be happy to help guide you through the process.
There has been an error and we are unable to provide you with a quote. Please click here to continue with your application.
There has been an error and we are unable to provide you with a quote. Please click here to continue with your application.
Without the finance I would have been stuck really, I needed a car for work but also because I’m the family taxi. I would absolutely recommend Moneybarn, they have my best interests at heart and are on my side – Kelly.
Without the finance I would have been stuck really, I needed a car for work but also because I’m the family taxi. I would absolutely recommend Moneybarn, they have my best interests at heart and are on my side – Kelly.
We offer a Conditional Sale Agreement. This means you have full use and access to the car for the term of the agreement, but we are the legal owner. Once the final payment has been made, you become the legal owner of the vehicle.
During the joint finance agreement, both people can use the car, but a ‘primary user’ will be decided and recorded as the registered keeper of the financed car. This is because a car can only have one registered keeper. They will be responsible for looking after the car, paying taxes, and being the point of contact for any fines or motoring offences.
We suggest the primary user should be the person who intends to drive the vehicle the most.
You might ask ‘is it better to do a joint car loan application?’. Our answer is that it depends on the circumstances of yourself and the person you’d be applying with.
If you’re interested in making a joint application with us, you and the person you are applying with must live at the same address. If you want to make a joint application, this must be done over the phone. You cannot apply for finance on someone else’s behalf as this is illegal.
Since both applicants will be tied to the agreement, both your details will be used in your application, and both of you will be responsible for keeping up with payments. Let’s explore the advantages and disadvantages of a joint car loan in more detail:
We offer a Conditional Sale Agreement. This means you have full use and access to the car for the term of the agreement, but we are the legal owner. Once the final payment has been made, you become the legal owner of the vehicle.
During the joint finance agreement, both people can use the car, but a ‘primary user’ will be decided and recorded as the registered keeper of the financed car. This is because a car can only have one registered keeper. They will be responsible for looking after the car, paying taxes, and being the point of contact for any fines or motoring offences.
We suggest the primary user should be the person who intends to drive the vehicle the most.
You might ask ‘is it better to do a joint car loan application?’. Our answer is that it depends on the circumstances of yourself and the person you’d be applying with.
If you’re interested in making a joint application with us, you and the person you are applying with must live at the same address. If you want to make a joint application, this must be done over the phone. You cannot apply for finance on someone else’s behalf as this is illegal.
Since both applicants will be tied to the agreement, both your details will be used in your application, and both of you will be responsible for keeping up with payments. Let’s explore the advantages and disadvantages of a joint car loan in more detail:
You might find it hard to get approved for a car loan by yourself. The reasons why a person might get rejected for car finance vary, but the most common reason is because of a low credit score. This can happen if you’ve missed payments in the past, have lots of credit, or have a CCJ or IVA.
In that case, a joint application for car finance may increase your chances of getting approved, especially if the person you’re applying with has a better credit file.
A joint application also means that 2 incomes are taken into account, which will help your affordability of the monthly payments. Because both applicants will be responsible for the agreement, it means you might be able to borrow more if you’re looking to buy a larger or newer car.
If you and your joint applicant make payments in full and on time, over the long run, you may see both your credit scores increase. This is because financing a car may build your credit score.
When you take out car finance in joint names, it creates a financial link between both of you. After taking out an agreement, you might notice both of your credit scores drop. This is because you are both taking out a new line of credit, and your car finance is usually recorded on your credit file.
It’s important to understand that just because you are making a joint application, it doesn’t mean the finance agreement is ‘split in half’.
Both applicants will be responsible for making payments each month, so both of you will need to ensure that full payments are made and on time.
If you stop making payments for car finance, because of this financial link, both your credit files will be affected. This in turn can make it difficult for both of you to get credit in the future.
You might find it hard to get approved for a car loan by yourself. The reasons why a person might get rejected for car finance vary, but the most common reason is because of a low credit score. This can happen if you’ve missed payments in the past, have lots of credit, or have a CCJ or IVA.
In that case, a joint application for car finance may increase your chances of getting approved, especially if the person you’re applying with has a better credit file.
A joint application also means that 2 incomes are taken into account, which will help your affordability of the monthly payments. Because both applicants will be responsible for the agreement, it means you might be able to borrow more if you’re looking to buy a larger or newer car.
If you and your joint applicant make payments in full and on time, over the long run, you may see both your credit scores increase. This is because financing a car may build your credit score.
When you take out car finance in joint names, it creates a financial link between both of you. After taking out an agreement, you might notice both of your credit scores drop. This is because you are both taking out a new line of credit, and your car finance is usually recorded on your credit file.
It’s important to understand that just because you are making a joint application, it doesn’t mean the finance agreement is ‘split in half’.
Both applicants will be responsible for making payments each month, so both of you will need to ensure that full payments are made and on time.
If you stop making payments for car finance, because of this financial link, both your credit files will be affected. This in turn can make it difficult for both of you to get credit in the future.
You might have heard of guarantor car finance. This is similar to joint car finance but isn’t very common nowadays because there are specialist lenders like Moneybarn who can help people with bad credit.
We understand that you might be looking to make a joint application because you have a poor credit history and need bad credit car finance. Even though you have bad credit, it doesn’t change the need for a reliable car to get around.
Yes, it is possible to get approved for joint car finance even if you or the person you are applying with has bad credit.
Since 1992, we’ve been helping those who have been refused elsewhere or have a CCJ or IVA. Get a quote today and see how we can help you onto a better road ahead.
There’s a common misconception that, just because you have benefits, you can’t get car finance, whether that’s when making a single application or a joint application.
We’re proud to accept applicants who claim benefits. For more information, please see our page that outlines the criteria for getting car finance with benefits.
You might have heard of guarantor car finance. This is similar to joint car finance but isn’t very common nowadays because there are specialist lenders like Moneybarn who can help people with bad credit.
We understand that you might be looking to make a joint application because you have a poor credit history and need bad credit car finance. Even though you have bad credit, it doesn’t change the need for a reliable car to get around.
Yes, it is possible to get approved for joint car finance even if you or the person you are applying with has bad credit.
Since 1992, we’ve been helping those who have been refused elsewhere or have a CCJ or IVA. Get a quote today and see how we can help you onto a better road ahead.
There’s a common misconception that, just because you have benefits, you can’t get car finance, whether that’s when making a single application or a joint application.
We’re proud to accept applicants who claim benefits. For more information, please see our page that outlines the criteria for getting car finance with benefits.
Our guide explains how car finance works and the different types of car finance available, so you can choose the option that’s right for you.
Knowing what information and documents you’ll need can help avoid any unnecessary delays in the car finance process. Find out more below.
Wondering if we will lend to you? Not sure how a conditional sale agreement works? Find out more about our application process here.
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)
