PCP: Can two people be named on PCP Contract?

eilidhmanson

my partner and I are considering PCP for a new car. We haven’t yet spoken to dealerships as it’s early stages. I can’t find anything online or in forums about whether two people can be named on the PCP contract - I.e. if it’s a shared car, can we both be responsible and named in the agreement, or would just one of us take it out? 

Does anybody know?? Thanks in advance!

macman

If it were possible, you would both be jointly and severally liable for the entire debt (not 50% each), so I can't see why you would want to?

DrEskimo

No, as far as I know it's only one person.

Have you explored all options. In my experience used cars using as little finance as possible can be much cheaper. Even so called 0% deals sometimes involve a higher sticker price (e.g. the new MG ZS-EV has both a 0% and 4.9% deal, but the 0% deal has less of a discount. It would therefore be better to take the 4.9% deal for the cheaper price and then settle in full for cash).