Car finance calculator

Good credit
Bad credit
Amount to borrow:
To repay over:
5 Years
Car finance rate XX% APR
Cost of credit £ XXX
Total repayment £ XX,XX.XX
48 monthly payments of
£ 245 /mo

Representative example - Borrowing £5,500 over 4 years with a representative APR of 19.8%, and a deposit of £0, the amount payable would be £162 per month, with a total cost of credit of £2,282 and a total amount payable of £7,782.

We compare car finance deals for you

  • Moneybarn logo
  • Advantage logo
  • PCF Bank logo
  • Oodle logo
  • Paragon logo
  • Marsh logo

What is a guarantor car loan?

Guarantor car finance is a loan where a third party individual agrees to repay your car finance loan if you become unable to make the necessary payments. This serves to support your application for car finance by assuring lenders that repayments will be made on time, even if you cannot personally make the repayments. The guarantor is contractually obliged to make payments you are unable to fulfil.

Who can be my guarantor?

Virtually anybody can be your guarantor – a family member, a friend, a colleague – as long as they aren’t financially linked to you (e.g. a spouse). They must provide bank details, bank statements and ID.

In order to be a guarantor, a person must:

  • Be between 18 and 75 years of age
  • Be able to make repayments on schedule if you are unable to
  • Have a good credit history
  • Have a history of good debt management

A person is more likely to be accepted as a guarantor if they are a homeowner. Note that their home will not be at risk if you default on payments, but it strengthens their case as responsible guarantors.

In some circumstances, lenders will accept tenants who have been at the same address for many years and who have an excellent credit history.

How does it work?

Once your guarantor has agreed to their role, we’ll process your application just like any other. There are no upfront fees or deposits needed for guarantor car finance; the loan is paid straight into your bank account, allowing you to buy a new or used car of your choice.

Better yet, a guarantor loan should take no longer to secure with us than a regular loan. Speed is of the essence here at Carplus, and through our streamlined online application process, all you and your guarantor need to do is simply complete the relevant forms. We should have a financing option with you within 24 hours.

Why choose a guarantor car finance deal?

Getting car finance with a guarantor is an ideal policy for those with a poor credit history or those who have struggled to secure car finance in the past, maybe due to irregular monthly income, being self-employed, or having a zero-hours employment contract. It’s also an excellent option for those who have declared bankruptcy or have County Court Judgements (CCJs) against them.

Generally speaking, a guarantor car loan will allow you to borrow more money than you would be able to otherwise, but loans taken out should still be realistic. A guarantor is just a security measure and should only be used as a last resort. Our car finance calculator will help you to work out the monthly repayment structure that best suits your current financial situation.

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

Failure to make repayments means your guarantor is now liable for your debt and must make the necessary payments on your behalf. In this event, there is a chance that both you and your guarantor may be issued with a CCJ (County Court Judgement), which will hinder your ability to secure any kind of loan in the future.

Car finance options

Carplus Reviews

Questions? Speak to a real person

Comparing car finance and car warranties is what we do, so you will get through to someone who can help. Call us from Monday to Friday (8am - 8pm) and Saturday to Sunday (9am - 6pm).