Car finance
with a guarantor
- No deposit needed
- PCP and HP from 9.9% APR
- Free car history and dealer check
Checking eligibility
does not affect credit score
Get a quoteCar finance with a guarantor
You are considering driving away in one of our premium vehicles, and we want to make sure the financing suits your needs. Car finance with a guarantor offers a flexible option, allowing you to secure the car of your choice, even if your credit history isn’t perfect. By having a guarantor on board, the process becomes more streamlined, ensuring that you can enjoy the car you want without unnecessary hurdles. This type of car finance with a guarantor is ideal for those looking to take advantage of better terms without being held back by credit challenges.
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| Loan amount | £7,500.00 |
|---|---|
| Length of Loan | 60 months |
| Monthly payment | £0 |
| Interest rate | 9.9% APR |
| Optional final payment | £0 |
| Amount of interest | £0 |
| Total payment | £0 |
Who can be a guarantor?
Choosing the right guarantor is key. Typically, this would be someone you trust—perhaps a family member or close associate—who has a strong financial track record. The guarantor supports your application for car finance with a guarantor, offering an extra layer of reassurance to the lender. They should ideally have a solid credit score and be financially stable, which simplifies and strengthens the approval process. It’s not just about meeting requirements but ensuring that everything runs smoothly for your guarantor car loan.
What is guarantor car finance?
Guarantor car finance is designed to offer flexibility. In this setup, you bring someone who backs your guarantor car loan application. If, for any reason, there’s a temporary delay in payments, the guarantor steps in to keep things on track. This approach enables you to access competitive loan terms, leveraging the guarantor’s credit profile to your advantage. It’s a strategic way to secure car finance with a guarantor, ensuring that your credit history doesn’t become an obstacle.
What does a guarantor need to provide for car financing?
The process is straightforward. Your guarantor will need to provide basic financial documents—proof of income, identification, and a snapshot of their credit history. The goal is to demonstrate that, if needed, they can comfortably cover any payments for your guarantor car loan. We keep the paperwork simple, ensuring that you can quickly access car finance with a guarantor and drive away in your new car. This additional support ensures all parties are confident in the process.
How does it work?
Once the application is submitted, we assess both your financials and your guarantor’s. The lender then approves your car finance with a guarantor based on the strength of both parties. If payments aren’t met, the guarantor takes responsibility, ensuring the loan remains in good standing. This allows you to enjoy your new vehicle without worrying about minor financial hiccups that could impact your guarantor car loan.
How is a guarantor loan different from other loans?
With a guarantor car loan, there’s a significant advantage over traditional financing options. Instead of being limited by your credit score, you’re backed by the guarantor’s financial standing. This often results in more favorable terms for car finance with a guarantor, such as lower interest rates or better repayment structures. Compared to standard loans, this financing gives you more freedom, ensuring that credit issues don’t stop you from acquiring the car that matches your lifestyle.
Do guarantors get credit checked for car finance?
Yes, your guarantor will undergo a credit check. This helps the lender confirm that they’re financially capable of stepping in if needed. However, the emphasis is not solely on their credit score but also on their overall financial stability. This process is quick and ensures everything is in place for you to secure car finance with a guarantor confidently.
Alisa Dan
FAQ
What are the risks of being a guarantor?
For the guarantor, the responsibility is clear. Should there be any issues with payments, they’re expected to step in and cover the costs of the loan. It’s important that the guarantor understands their financial commitment, especially when it comes to car finance with a guarantor. If payments aren’t made, their credit score could be affected, and in extreme cases, legal actions might follow. With clear communication and a solid plan, these risks are minimized.
What credit score does a guarantor need?
A strong credit score is beneficial for the guarantor. While exact numbers vary, lenders are generally looking for someone with a solid credit history and reliable financials for car finance with a guarantor. The stronger the guarantor’s credit score, the more favorable the loan terms will be. This adds another layer of flexibility, ensuring smoother approval and more competitive offers.
What does a guarantor do?
In simple terms, a guarantor provides added security for the guarantor car loan. If any unexpected financial situations arise, the guarantor steps in, keeping the loan in good standing. This backing offers reassurance, ensuring that you can confidently move forward with car finance with a guarantor. In return, the guarantor plays a crucial role in securing the vehicle and enhancing the terms of the finance agreement.
Can I withdraw as a guarantor?
Once the loan agreement for car finance with a guarantor is signed, withdrawing as a guarantor can be challenging. This is because the guarantor provides essential security for the lender. However, under certain circumstances, such as refinancing or loan repayment, the guarantor’s role may be concluded. It’s important for the guarantor to understand the long-term nature of the loan commitment before stepping into the role.
How do I change my loan?
Changing a guarantor is rare but possible. If circumstances change, the lender may be open to discussing adjustments, though it often involves reassessing the loan terms and the new guarantor’s financials. This process can sometimes involve reapplying for car finance with a guarantor, depending on the situation. If you foresee a need for a change, it’s best to consult with the lender early to explore your options. By offering this tailored solution, we ensure that you’re not limited by credit scores but instead have the flexibility and support needed to confidently secure car finance with a guarantor. With the right guarantor, the path to obtaining your new car becomes far more accessible.