Joint car finance

Are you looking for joint car finance? Its 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.

Joint car finance

Are you looking for joint car finance? Its 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.

What is a joint car finance application?

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.

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.

How does a joint application work?

It’s important to know that when applying with us, that 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, get a quote. When you’ve filled in all the details about yourself, you’ll be asked if you’d like to make a joint application (in step 3). From there you can fill in the details of the person you are making the application with.

What is a joint car finance application?

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.

How does a joint application work?

It’s important to know that when applying with us, that 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.

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

Who owns the car if I'm accepted?

We offer a Conditional Sale Agreement. This means you have full use and access to the car for the term of the agreement, but Moneybarn is the legal owner. Once all repayments have been paid, 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. This is because a car can only have one registered keeper. They will be responsible for looking after the car, paying tax, and be the point of contact for any fines or motoring offences. We would suggest that the primary user should be the person who intends to drive the vehicle the most.

Is joint finance right for you?

You might find it hard to get approved by yourself. The reasons why vary from person to person, but it might be because of a low credit score. In that case, a joint application might increase your chances of approval, especially if the person you’re applying with has a better credit file. In which case, joint car finance might be right for you.

A joint application also means that 2 incomes are taken into account, which will help your affordability of the monthly payments. This could also help your chances of getting a higher lend amount than you could alone.

You might ask ‘is it better to do a joint car loan application?’. Our answer is that is depends on the circumstances of yourself and the person you’d be applying with. Since both applicants will be tied to the agreement, both of you would be responsible for keeping up with repayments.

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. Moneybarn has nearly 30 years of experience in helping those who have been refused elsewhere, or have a CCJ or IVA. Get a quote today or contact us to see how we could help.

Who owns the car if I'm accepted?

Is joint finance right for you?

Car finance explained

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.

Buying your next car

We know that buying a new car can be a stressful process. There’s lots of important factors to consider, so it can be daunting. That’s why we’ve put together a helpful guide.

Our application process

Wondering if we will lend to you? Not sure how a conditional sale agreement works? Find out more about our application process here.

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)

Representative example: £10,960 repayable over 57 months. 56 monthly payments of £352.70. Representative 31.9% APR. Total amount payable is £19,751.20. Subject to affordability and you could risk losing your vehicle if you do not keep up payments.