Credit Reporting On Joint Car Loans

[ivuj11]

My brother and I are looking to jointly purchase a "weekend car" of sorts to have in addition to our daily commuting cars. I assume that both of our credit reports will get pulled for the application process. More importantly however, will the bank who issues the "joint loan" report on time monthly payments made to both of our credit reports? if so, is this the standard practice or does it vary by bank? Again, this will be a joint loan application not a co-signing scenario.

[JM-AM]

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@ivuj11 wrote:

My brother and I are looking to jointly purchase a "weekend car" of sorts to have in addition to our daily commuting cars. I assume that both of our credit reports will get pulled for the application process. More importantly however, will the bank who issues the "joint loan" report on time monthly payments made to both of our credit reports? if so, is this the standard practice or does it vary by bank? Again, this will be a joint loan application not a co-signing scenario.

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Yes all joint applicants credit reports will be considered on a joint application.

If the lending institution reports to the credit bureau's it will be reported on all joint applicants.

[StartingOver10]

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@ivuj11 wrote:

My brother and I are looking to jointly purchase a "weekend car" of sorts to have in addition to our daily commuting cars. I assume that both of our credit reports will get pulled for the application process. More importantly however, will the bank who issues the "joint loan" report on time monthly payments made to both of our credit reports? if so, is this the standard practice or does it vary by bank? Again, this will be a joint loan application not a co-signing scenario.

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Actually, a joint loan is a co-signed loan. In both instances both parties are responsible for repayment. The reporting to the CRA's depends upon the lender. If the lender reports, then both of you will have the loan on your report. Your credit report ought to reflect the fact that the loan is "joint".

[Anonymous]

Both of your CR will report it as joint loan and so anything related to that loan will be reflected on our both of yous reports.