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Joint Car Finance Explained

At Autozone, we understand that buying a car can be a challenging experience, especially for individuals with less-than-perfect credit scores.

That's why we offer bad credit car loans or subprime auto loans through our partnerships with several lenders. These financing options provide an alternative for those who may not qualify for traditional car loans.

But did you know that we also specialise in joint application car financing? With joint car financing, two individuals can apply for a car loan together, combining their incomes and credit scores.

This means that even if one applicant has poor credit, the other's good credit can help increase the chances of loan approval and potentially secure better loan terms.

At Autozone, we have the expertise to guide you through the process of joint car financing and help you find the best options for your unique financial situation.

Our partnership with multiple lenders also gives you a variety of choices to select from. So, whether you're applying for a bad credit car loan or considering joint car financing, Autozone is here to help make the car-buying process easier and more affordable for you.


Advantages of A Joint Finance Application

Joint car financing allows two individuals to apply for a car loan together, combining your incomes and credit scores.

This can be especially helpful for those with poor credit scores, as having a co-signer with good credit can increase your chances of being approved for a loan. Additionally, a joint finance application can often lead to lower interest rates and better loan terms.


Disadvantages of A Joint Finance Application

However, there are some disadvantages to consider when it comes to joint car financing. If the co-signer fails to make payments on the loan, it can negatively impact both parties' credit scores.

Additionally, if the co-signer wants to remove themselves from the loan at a later time, the primary borrower may need to refinance the loan in their own name. This can be difficult if the primary borrower's credit score has not improved since the loan was originally taken out.

Joint Car Finance FAQs

Anyone can apply for joint car finance, as long as they meet the lender's criteria. Of course, it's beneficial to your application if one of you has a decent credit score.
For the duration of the finance agreement, the car will legally belong to the lender. Once all the payments have been made and the contract ends, will belong to both joint finance applicants.

As the car can only have one registered keeper, it's best to determine who the primary user will be based on their driving history.
The required paperwork for a joint car finance application is similar to a standard one. At least one of the applicants needs to provide the following:
  • 3 years worth of address history
  • Employment details
  • A full UK driver's licence

At Autozone, we can help you get approved for joint car finance. For more information, you can give us a call and one our team will be happy to explain the details.