Help & Advice

Does a Guarantor have to be working for car finance?

DOES A GUARANTOR HAVE TO BE IN EMPLOYMENT AS MY MOTHER IS 67 AND WOULD POSSIBLY STAND AS A GUARANTOR? SHE HAS A LICENSE AND OWNS HER OWN HOME. BUT WAS UNSURE IF IT HAD TO BE SOMEONE WITH A REGULAR INCOME APART FROM PENSIONS ETC

DEE


Answer

Hi Dee, no your mother does not have to be in employment to be your guarantor. As long as she can prove her income if required, has a driving licence (which she does) and has some current clean credit that'd be a massive help.

Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Answer correct as of September 2016

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In this illustration your credit score is set to

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Total cost of credit

Best available rate

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Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender

More related questions

Hi, My mother would be happy to be a guarantor for me but does not own her own home, she is out of employed at 61 but has good credit, would this be acceptable?

Answer

Hi Kay, thank you for your question.

Your mother doesn't need to be a homeowner to be your guarantor. The good news is that she is employed, can prove her income and has some current active clean credit.

Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Rachel Wilson, Underwriting Manager

Set your budget

£
4 years

In this illustration your credit score is set to

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender