Getting a car finance with a guarantor is a good option to obtain a vehicle when you cannot apply for a regular loan - for example, if you have bad credit.

Guarantor car finance is a type of loan where a third-party individual is involved and agrees to take over your car loan repayment if you fail to pay your balance in full. A guarantor reduces the risk for the lender, as he becomes responsible for the credit payment that you cannot make.

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Rates from 9.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status. Representative example: borrowing £7,000 over 5 years with a representative APR of 21.9%, the annual interest rate of 21.9% (Fixed) and a deposit of £0, the amount payable would be £185.33 per month, with a total cost of credit of£4,119.81 and a total amount payable of £11,119.81. We look to find the best rate from our panel of lenders and will offer you the best deal that you're eligible for. We receive a fixed fee commission per finance agreement, or we receive a commission based on a percentage of the total amount of finance taken. This will not affect the interest rate offered or the total amount repayable. Our service is free.

How does guarantor car finance work?

The process of getting guarantor car finance is similar to any other loan in the UK. When reaching an agreement with the guarantor, fill in the application form, and our specialist will process your car finance request the same way as any other. This credit does not require any upfront deposits.

Besides, you will not have to wait to get financing any longer. We work on eliminating any delays for the approval of your guarantor car finance. The decision depends on various factors, such as the guarantor’s credit rating and employment history. Typically, we get back to the applicant with a financing option for the desired car within 24 hours.

When the loan is approved, the lender is to provide the amount to the guarantor, who then transfers it to the borrower for a car purchase.

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  • Representative APR 21.9%
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Who can be my guarantor?

When considering car finance with a guarantor in the UK, it is important to take into account the specific guarantor requirements.

  • You can't have a financial link with your guarantor; other than that, you can pick any family member, colleague, or friend.
  • Your guarantor will have to provide documents on bank details, ID, or credit history and rate.
  • To be eligible, the guarantor has to be from 18 to 75 years old as well as have a good credit score and debt management history.
  • A good guarantor has to be able to take over your responsibility and repay your full credit if you cannot.

Lenders tend to approve car finance when a guarantor owns a home or at least lives at the same address for years and delivers a good guarantor credit history.

What does a guarantor need to provide for car financing?

Lenders always perform a complete check before approval of guarantor car finance. That is why they require comprehensive data on the guarantor, such as

  • Name, address, contact number
  • Employment history
  • Credit rating
  • History of loan and debt management
  • Details on any other guarantor loan
  • Real estate or car in possession.

The outcome of this credit check defines your car financing eligibility.

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Who might need car finance with a guarantor?

You might require car finance with a guarantor in several different cases.

  1. If you have poor credit, it will have a negative impact on your options. Due to this impact, guarantor car finance will be your best choice. So, you can still get car finance with bad credit to purchase the car of your dreams.
  2. Short-term loan history rating is another obstacle when it comes to getting a car financed. In this case, a guarantor can help you with both obtaining a car and building your credit score.

What will happen if I fail to keep up with my monthly repayments?

If you are unable to make your monthly loan payments, the guarantor will be obliged to do it for you. That means that he will be responsible for paying your car’s financing balance in full. However, you may be issued a County Court Judgement, which will not let you get another loan in the future.

What do I need to apply for guarantor car finance?

If you wish to apply for a guarantor loan for a car purchase, you will need to provide us with the following details:

  • Name, address, phone number
  • Driving license
  • Employment history
  • Residential status

To apply for car finance, you need to be:

  • From 18 to 75 years old
  • A UK resident for at least a year
  • Employed with at least £1,000 income

Why choose Carplus?

At Carplus, we focus on meeting our customers' needs and deliver exhaustive support for each car finance request.

  1. Numerous customers' reviews prove us to be trustworthy for getting a car financed despite the credit rate.
  2. Our team includes experts working passionately every day to find the best credit solution for your dream car purchase.
  3. We work in compliance with the Financial Conduct Authority. Credit approvals are only issued when they are safe and if monthly payments are affordable.
  4. We deliver an option to follow your application progress online with a tracker. That way, you can always check the current loan request status quickly and easily.

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Do you need a guarantor for a car loan?

If you have bad credit or do not have a regular income, you can get a loan for a car purchase with the help of a guarantor.

How do I change my guarantor for a car loan?

Until you pay out the loan, you cannot change the guarantor. First, you need to pay out the balance in full.

Can I be a guarantor with bad credit?

No, it is unlikely that you can become a guarantor with bad credit. Lenders perform a thorough check on the guarantor's background, so bad credit is not an option.

What is the role of a guarantor in a car loan?

The guarantor takes over the borrower's debt if he becomes unable to proceed with monthly payments.

Can I withdraw as a guarantor?

Unless the borrower gets another guarantor or pays out the loan, you cannot withdraw as a guarantor.