Joint and Guarantor Car Finance
We Finance Any Car have lenders that will consider both Joint and Guarantor Car Finance to help get you approved or to get you a better rate. It’s also important to understand the advantages and disadvantages of either Joint applications or Guarantor Finance Applications before entering into an agreement so please consider the FAQ’s below.
The good news is that you can apply first in your own name using our 2 minute application. If you don’t have great credit and are approved then you can use the option of a joint agreement to get a better APR.
Help the ones you love get the car they need
Joint Finance is when you and another person (usually a family member living at the same address) apply for car finance together.
Not in the first instance. We Finance Any Car use soft search to see if you are approved and then the joint applicant. At this point there is no impact to your credit file. If you then go onto going through with the deal (like all finance deals) this will then turn into a hard search. This is important because you and the joint co-signature are jointly responsible for the loan. It also means that once an agreement is made under a joint agreement then the commitment will show on both signatories credit files.
Guarantor Car Finance is when a person Guarantees the ability of another person to pay and if that person does not pay then they are liable for the car payments in full. Guarantor car finance tends to use the person with the worst credit rating to set the APR level. Joint Car Finance tends to use the credit rating of the best applicant to set or influence the APR level positively. It is for this reason that We Finance Any Car do not promote or use Guarantor Car Finance and prefer to supply Joint car finance as an option when an applicant has a poor credit rating.
The main user of the vehicle will be the designated keeper of the car and is the main point of contact for things like parking tickets and speeding fines
Joint car finance is almost exclusively based around Hire Purchase (HP) as the type of finance used so in this case, neither of you own the car till the car is paid off. The main user is the "keeper" of the car but you only own the car when all of the payments are made or the car finance has been settled.
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If you are looking for car finance, you are in the right place!
We have years of experience in car finance, a very extensive lending panel and a team that is set up to get you the car you want at the best finance rate possible. If you have already found a car and just need the finance – great! If you need help finding a car then we are there for you as well – in fact, we have access to over 300,000 cars.
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