Things to consider before you apply
While there’s many benefits to a joint loan, there’s also some important information to consider before you apply for one.
While not obvious at first, a joint loan can link you to someone else’s credit history. If theirs is poor, you could risk being turned down for credit in the future. It’s important to check both your ratings before applying.
More notably, if you were to break up with a partner, or anything were to happen to them, you’d still be liable to pay the full amount. In some circumstances there may be ways to have your name taken off the loan, but it may be safer not to assume you can.
It’s important to be realistic about your circumstances, needs, and what would happen in the event your joint financial positions change. It’s worth considering if you could make the repayments in the event of accidents, loss of work, or break-ups. Any issues with repayments could affect both of your credit scores, even if you’ve paid the bulk of it so far as you are both responsible for the full payment.