Car financing with a co-applicant
You can apply for a car loan on your own or with a co-applicant. The co-applicant could be your spouse or cohabitant partner, for example.
If possible, it is a good idea to complete the application with a co-applicant, as you will probably get even better terms for your loan. However, you will not need a guarantor.
When there is more than one applicant for a loan, you can get a bigger loan and under better terms. This is because from the bank’s viewpoint it is safer if the loan is paid back by more than one person.
The co-applicant will be just as liable for the repayments as the main applicant.