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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Benefits of joint loans for guaranteed car finance

I have a provisional licence and an okay credit rating. I have a few debts but I'm still making payments. My cousins credit is not too good but she has a full licence.

Is there any use in making a joint application? Does it give us a better chance of getting approved?

Posted by Mary on


Hi Mary, this is a tricky situation but we do have one lender that helps people with poor credit and provisional licences. You could apply on your own but if you apply with a joint hirer / guarantor you will have a greater chance of being approved as long as your cousin doesn't have worse credit than you do.

If your cousin has better credit than you & you have their authorisation to place him/her on the application then the lenders will see it as a lesser risk and will improve your chances of being approved. I'll look forward to receiving your application and once approved we provide a no obligation quote and you can choose a car from any dealer. Thanks, Edwin

Posted by on

Rate Edwin’s advice.

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Hi, I have had a CCJ at my previous address which has been paid but the company has failed to mark it as satisfied. I have cleared all other debts and everything on my credit file is showing green as in paid and up-to-date.

I only work part time and was wondering if i would get accepted for a loan? Would I benefit by putting the application through as a joint effort however, my partner is a housewife but does receive tax credits and child benefit. Many Thanks

Posted by Richard on


Hi, according to Experian I've got a credit score of 982 (rating: excellent with a couple of already successfully settled credit accounts). My wife's got a credit score of 892 (rating: good, only this much because her accounts are only 1.5 years old and although she has a phone contract she has no settled credit accounts yet). We rent our house, with no late payments at all, no debts and everything up to date for both of us.

We plan to buy a car, but because my salary is only around £1100/month after taxes and hers is around £1600-1800/month we are thinking which option would get us a better deal. We are about to choose between two used cars - one is around £8000 (at this car we would go for the 60 months finance) the other is £5000 (would go for the 48 months finance) - i'm thinking of making a joint car loan application - do you agree? (Her income is higher but lower credit score) or should i get a car loan only under my name (as my score is higher,though my income is lower)?

I'm also wondering if "no deposit finance" is an option with these scores and incomes, if not how much % deposit would you recommend? Thank you in advance for your kind assistance.

Posted by Philip on


Hi Richard, i hope you're well and apologies for the delayed response.

Thank you for your detailed question. I'm confident we can help as you have some current clean credit and you work part time. The CCJ will still be visible to lenders so you won't get market leading rates but if approved we provide a no obligation quote and you can choose a car from any dealer.

It would be best to make a joint application (which you can do on our website) with your partner as we do have lenders that take tax credits into account when calculating your affordability and how much you can borrow. Please make an application ASAP. Regards, Edwin

Posted by on


Hi Philip, thank you for reaching out to me.

From what i have read i'm extremely confident we could get you and your wife approved for car finance. In all honestly we could get you approved on your own however, if you wanted the more expensive car without having to place a deposit down (which isn't necessary) it may be best to add your wife onto the application so that both of your incomes can be taken into account.

Once approved with Car Finance 247 we provide a no obligation quote and you can choose a car from any dealer nationwide. Please apply when you get a moment. Kind Regards, Edwin

Posted by on


Hello, my monthly income varies between £1100 and £2200 as i work away a lot with the forces and no pay check is exactly the same.

I am paying off all of my debt next week and i've just finished paying of my bike finance with Black Horse with no missed payments. However, the debt I'm paying off in full next week is with a debt management plan. Can i still get accepted?

Posted by Jason Waite on


Hi Jason, thank you for your question.

As you have a decent income, a clean HP agreement with Black Horse and are clearing your debt this will go in your favour so i'm confident we can get you approved for car finance.

We do also have lenders on our panel that help people in DM plans. Please make an application online asap and once accepted we provide a no obligation quote and you can buy a vehicle from any dealer in the UK. Kind Regards, Edwin

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