Adding a joint applicant can improve the chances of your car finance application being approved.
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Here at First Response Finance, we offer Hire Purchase (HP) agreements to joint applicants, where both people are equally responsible for making the fixed repayments for the car of your choice.
After you've been approved, here's what you can expect to happen:
Just so you know... a deposit isn't always needed - it all depends on your credit limit and the car of your choice.
There are several types of car finance including HP, PCP, or PL. We provide Hire Purchase (HP) car finance to our customers and joint applicants at First Response Finance. To help you understand how each type compares, we've outlined the key differences in the blog below.
A Hire Purchase agreement is a great option if you wish to own the vehicle at the end of the agreement, as there's no big lump sum waiting at the end.
With a HP agreement, you'll usually start with a deposit, although some lenders offer low-deposit or even zero-deposit options. The remaining balance is then divided into repayments that both applicants are responsible for. Once the final payment has been made, the car becomes legally yours, giving you full ownership.
This type of finance can be beneficial for joint applicants with bad credit. When you apply together, lenders will take both incomes and creditworthiness into account - strengthening the application and making lenders more open to accepting the loan.
Personal Contract Purchase (PCP) is a flexible way to finance a car, especially if you're interested in lower monthly payments and like the idea of having options at the end of your term. PCP is popular with newer cars because you're not committing to owning the vehicle outright from the start.
With a PCP agreement, you'll typically pay an initial deposit, followed by monthly repayments that work for both joint applicants. Instead of paying off the full value of the car, you're covering the depreciation - how much value the car is expected to lose over the course of the agreement. This often makes PCP more affordable month-to-month than other finance types.
At the end of the agreement, you'll have the choice to either hand the car back to the dealership, trade it in for another car or pay a large 'balloon payment' to take full ownership of the car.
A joint personal loan is a way for two people to borrow a lump sum from a bank or lender and use it to buy a car outright. As you receive the full amount upfront, this can be an ideal option is you're purchasing from a private seller or want complete ownership of your vehicle from day one.
Unlike car finance products like HP or PCP, a personal loan isn't secured against the car. That means the vehicle is legally yours - giving you freedom to make cosmetic or mechanical changes, and there are no mileage restrictions to worry about.
With a joint personal loan, both applicants apply together and share responsibility for paying the loan back in fixed instalments over an agreed term. Lenders may be stricter about who they approve for a personal loan because the money you've borrowed isn't secured against an asset (the car) therefore interest rates may be higher for those with a limited credit history, or a bad credit score.
Our joint car finance application process is as simple as one, two, three!
Fill out our online quote form to get an instant decision on your eligibility and see how much your monthly repayments would be.
Just so you know... if you want to add a joint applicant before you move forward with your quote, you'll need to call us on 01942 686 687.
Use our car finance calculator to get an idea of how much a car finance agreement with us costs, with no commitment to apply.
Explore your options with a quick, free finance quote - tailored to your budget.
Unsure if a Hire Purchase agreement would be suitable for you? Check out some of the pros and cons!
Jonathan | Jun 2024
It’s definitely possible to apply for joint car finance, but whether you’re approved will depend on both applicants’ individual circumstances. Many people choose joint applications to strengthen their chances -especially if one person has limited credit history, which is very common. Some lenders rely on strict credit‑scoring criteria, which can make approval more difficult. However, lenders like First Response Finance take a more personal approach, looking at your overall situation rather than focusing solely on your credit history.
If together you can show a reliable income and can comfortably afford the monthly repayments, your likelihood of being accepted increases significantly. This ensures the repayments remain manageable and that neither of you is put at risk of financial difficulty - we’ll never approve an agreement if we believe affordability could be an issue.
And once approved and on the road, making regular payments on time can help build and strengthen both applicants’ credit profiles for the future, as it demonstrates your ability to maintain and successfully repay a finance agreement.
First Response Finance is a responsible vehicle finance lender, and all decisions are made in the best interests of the customer; based on credit scores, status, and income at the time of application. We'll never approve an application if we believe you might struggle with repayments.
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