Can I take out a joint application when I apply for car finance with Creditplus?

By: Paul Goodwin     Approved by the Car Finance Advisory Board

Many of our customers choose to make a joint application with a partner or family member. This can be a good option for some applicants, as approval is dependant on the credit scores and incomes of both applicants. Applying for car finance with a joint applicant or Guarantor has its benefits, as it may provide you with a greater chance of being approved as our lenders will view you as a lower risk. If you need further clarification on whether a joint application will benefit you, please give one of our Customer Advisors a call. We answer the most frequently asked questions about joint applications for car finance below.

How do you calculate income for a joint application?

In a joint application for car finance, both applicant’s incomes are combined. It's of most concern to lenders aimed at those with Bad credit,  as they'll use this to calculate the maximum monthly payment that the applicants can afford.

Who can you take out a joint application with?

You can only take out a joint application for car finance with someone who is living at the same address as you. They can be your spouse, partner or a direct family member.

Whose credit score is used for a joint application?

In most cases car finance lenders will use the highest credit score of the two applicants.

What proofs will we need to send with our joint application?

You’ll need to send all the normal proofs and documents that are required; driving licence, proof of address and signed lender documents. If you're not registered on the Electoral Roll some lenders may request to see a marriage certificate, although this is rare.

Who's responsible for the payments if we split up?

Because both parties signed the car finance agreement, both parties are responsible for the payments. Even if you split up, the payments must be made otherwise both people’s credit scores can be negatively affected. In these cases it's best for either one party to take over the contract or for the contract to be cancelled altogether. In this situation, you should expect to pay cancellation fees. More advice can be sought from the lender who provided your joint application for your options.

How is having a Guarantor different to a joint application?

Having a Guarantor differs from taking out a joint application in a number of ways. To find out more, read our Guarantor Help section. If you have any further questions or need more information about your joint application for car finance, use our LiveChat service (found on the right hand side of this page) to talk to one of our Customer Advisors.

In this section: Guarantor

Published: 16/05/2016
Last Updated:07/05/2017
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