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Car Finance with a Guarantor

If my credit isn't high enough for you to get me finance would i have more of a chance if I had a guarantor? Or if I applied with a joint application?

Posted by Ryan on 10/05/2011 @ 20:33

Hi Ryan, as long as the guarantor had good credit (or better credit than you) then yes, this would improve your chances of being approved for car finance. How bad is your credit and how old are you? It might be best to apply without you on the application and have you as a named driver on the insurance. But you'd obviously need the permission of whoever you can get to do this for you. Have you applied for a car loan elsewhere and if so, what has been the outcome? Do you have a full UK drivers licence and are you in employment? Sorry for all the questions. Kind Regards, Edwin

Posted by Edwin Miles on 08/09/2011 @ 13:15

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Hi, i need to get a guarantor for car finance, does the guarantor need to be living at the same address/? Do they get credit checks too?

Posted by Laura on 17/01/2012 @ 08:27

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Hi Laura, a good question. In a word the answer is No. A guarantor can live at a seperate address from you but you will obviously need their consent to place them on the application as we will need to credit score them along with yourself. I hope that answers your question. Edwin

Posted by Edwin Miles on 17/01/2012 @ 08:28

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I am looking to purchase a new car. My credit rating is poor but i have my mother willing to guarantee any finance. I earn a good wage and have been paying money consistently on a car for the last five years and have never missed a payment. What are my chances of approval? regards, Donna,

Posted by Donna M on 19/01/2012 @ 14:51

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Hi Donna, you've come to the right place. Please make an application with you as the first applicant and your mother as the guarantor. Please make sure you have her permission obviously before applying as we'll need to carry out a credit search. Thanks, Edwin

Posted by Edwin Miles on 19/01/2012 @ 14:53

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I am looking to get a car on finance but I don't have very good credit at all. I earn around 1,157 each month and my job is full time and permanent but I have an overdraft so each month when i get paid it just looks like I am paying that off and using it again. My mum has an excellent credit history and I am wondering if i could apply with her as my guarantor?

Posted by Rebecca on 25/01/2012 @ 12:05

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Hi Rebecca, you could use your Mum as a guarantor (as long as you have her permission) and that would improve your chances of getting approved greatly. You have decent earnings which is good but when you mention you have bad credit you just mention your overdraft at your bank. Have you any other form of credit (personal loan, credit card, store card etc)? If so, are they paid on time every month? How old are you and how much are you looking to borrow? Do you have a deposit also? Kind Regards, Edwin

Posted by Edwin Miles on 25/01/2012 @ 12:08

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Hi, i have my car on hp which i took out just 6 months ago, however my partner needs a car but has a poor credit score so would i be able to take out a 2nd hp agreement and so soon after getting my own?

Posted by Amanda on 05/02/2012 @ 22:44

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Hi, I am looking to get car finance and I've been told I need a guarantor, the only problem is I don't have anyone who could do it for me,is there anyway of gettin finance on my own?

Posted by Amy on 07/02/2012 @ 10:26

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Hi Amanda, if you have a good credit record you should be able to take out a 2nd HP agreement without a guarantor. However, depending upon your monthly income some lenders may think that you're over committing and may ask that the current agreement is settled first. Obviously that isn't an option. Have you tried obtaining a personal loan? Kind Regards, Edwin

Posted by Edwin Miles on 07/02/2012 @ 11:58

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Hi Amy, how is your credit profile and how old are you? We have many lenders on our panel so we may be able to help you but you need to match certain criteria such as: you need a full UK driving licence, you need to earn over £900 p/month, you need to have a £100 minimum deposit and you must be able to provide a proof of address by way of a council tax bill or utility bill. How much are you looking to borrow? Kind Regards, Edwin

Posted by Edwin Miles on 07/02/2012 @ 12:05

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Do you have to have a guarantor to apply?

Posted by Denise Shears on 07/02/2012 @ 12:31

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Hi Denise, no you do not have to have a guarantor to apply for car finance with us? How is your credit profile? Have you been declined elsewhere? Edwin

Posted by Edwin Miles on 07/02/2012 @ 12:32

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Hi, I've got my grandmother as a guarantor and i'm waiting for a call back to see if its all gone through. i was asked if my grandmother had a drivers license, do they have to have one?

Posted by Melissa H on 11/02/2012 @ 17:10

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I have a poor credit rating and a guarantor but he is over 70. Is that a problem?

Posted by Sheena Mcculloch on 14/02/2012 @ 16:26

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Hi, I'm looking to get a car on finance but have got in a bit of a tangle with my finances over the past year, I have now sorted myself out I earn £1200 per month basic plus bonus and my job is full time permanent, but I now live with my mother so would only have the likes of a bank statement for proof of address. My credit rating is very poor but my father is happy to act as a guarantor for me as he can see how I have sorted my finances now. Would I be eligble to apply?

Posted by Michael on 21/02/2012 @ 12:32

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Hi Melissa, sorry for the late reply. No, if your grandmother is just a guarantor she doesn't have to have a driving licence. Thank you, Edwin

Posted by Edwin Miles on 22/02/2012 @ 16:51

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Hi Sheena, Apologies for the delayed response. If your guarantor is over 70 it really all depends upon what finance company you get accepted with as some lenders accept customers over 70 and others don't. Have you made an application yet? Thanks, Edwin

Posted by Edwin Miles on 22/02/2012 @ 16:53

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Hi Michael, yes - you can certainly apply and put your Dad on as a 2nd applicant/guarantor. It will definitely strengthen your chances of being approved. As you have bad credit the rates will be higher than those seen on the high street but i guess you'll already know that. Please apply and i'll look out for the application. Kind Regards, Edwin

Posted by Edwin Miles on 22/02/2012 @ 16:56

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Hi, I really need a half decent car for which I need finance. Trouble is my credit file is quite poor. I have a couple of defaults on there from a couple of years ago when I was training to become a pilot and had no money spare. My earnings now are quite high, I take home approx £3500/mth, however I pay out £800 per month in training loans. I know I can easily afford the repayments, but I can't even get a high rate credit card never mind car finance. I do however have my dad as a guarantor, he has a perfect credit rating, but would it be worthwhile applying for finance?

Posted by Dean Wright on 10/03/2012 @ 15:18

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I'm 19 years old, full time employed, have a good credit score according to experian, yet I've been declined for car finance. Is it due to my age? Will I need a guarantor?

Posted by Jade on 12/03/2012 @ 18:33

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Hi Dean, if your credit rating isn't great we could still potentially help you get a car loan as we have many lenders who help those with a poor credit history. It would however, strengthen your application if your Dad acted as a guarantor and lenders also look favourably on those with a deposit. Do you have a deposit and how much are you looking to borrow? To give you a definitive answer i'd need to see your credit profile but you'd have to make an application. How bad is your credit? Could you elaborate a little? Your earnings are very good so that will go down well. Kind Regards, Edwin

Posted by Edwin Miles on 12/03/2012 @ 18:40

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Hi Jade, if you have good credit we should be able to help as long as you have a full UK driving licence and can prove your income. A guarantor would help but is not a necessity. Please apply and we'll see what we can do. Thanks, Edwin

Posted by Edwin Miles on 12/03/2012 @ 18:41

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Hello Edwin, I have an old work friend and he is trying to get car finance but can't because he defaulted on a couple of loans and still has not paid them back. He is asking me to stand as his loan guarantor, my credit rating is very good but I have been out of work over the past years, I have started a new job now but only in the past fortnight.My question is, will I be asked for proof of income as I don't have much savings left and can my credit rating be damaged by linking myself to his?

Posted by Martin Iley on 15/03/2012 @ 15:32

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Hi Martin, apologies for the delayed response. If you're only acting as a guarantor the lenders won't ask for proof of income from you. However, please be warned taht if your friend doesn't keep up with his payments your credit history will be damaged and the lender could come after you for the outstanding debt. Regards, Edwin

Posted by Edwin Miles on 15/03/2012 @ 15:34

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Hi, i'm currently 19 years old, i'm fully employed with a good job that pays me well but due to my age and having too many credit searches i'm being asked for a guarantor when i try get car finance. Unfortunately there is no one i can use! can you help?

Posted by Jonathan Wark on 19/03/2012 @ 22:05

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Does the guarantor have to hold a driving licence? Or own there own home, be in full time employment etc or just have a good credit history?

Posted by Justin Parry on 19/03/2012 @ 22:18

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Hi Jonathan, if you have an extremely good credit profile (all payments up to date & you're on the electoral roll) there is a chance that we can get you passed for finance on your own. Do you have much credit in your name currently or is this the first time you've applied for any type of finance? If it is the first time we may struggle to get you approved as you have no track record. However, if you have a few credit accounts that are A1 then we should be able to get you approved on your own. If what i've said isn't a reality then adding a guarantor will certainly help your chances of being approved. Lastly, do you have any deposit to place into the deal? Kind Regards, Edwin

Posted by Edwin Miles on 20/03/2012 @ 12:09

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Hi Justin, the guarantor just has to have a good credit history and be able to prove their income if required. They don't have to have a licence as the car would be for you and they don't need to own their home. Regards, Edwin

Posted by Edwin Miles on 20/03/2012 @ 12:10

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Hi, i'm just wondering if my dad is a guarantor is it possible he only stays on loan for first 6 months?

Posted by Moni Smith on 27/03/2012 @ 16:43

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Hi Moni, this could be possible depending upon what lender we get you approved with. It'd be a question to the finance company after the deal is complete if i'm honest. It is possible though. Edwin

Posted by Edwin Miles on 27/03/2012 @ 17:11

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Hi, I'm a carer for a family member who is disabled so have no employment as such. My credit file/rating is excellent and i have existing credit. What would be my chances of securing finance for a vehicle with you?

Posted by Antony Danns on 01/04/2012 @ 14:21

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Hi Antony, if you have an excellent credit rating we'll be able to get you approved for finance even though you have no employment history and you are a carer. Please apply. Kind Regards, Edwin

Posted by Edwin Miles on 02/04/2012 @ 11:27

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Hi Edwin, Can you please clarify the position regarding the guarantor being required to prove income? Your responses to the above two posts are contradictory. Reading between the lines though, are you implying that some lenders will and others will not? Regards, Lucas

Posted by Lucas on 03/04/2012 @ 21:32

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Hi Lucas, you are correct when you say that some car finance lenders will need to see proof of income and others won't. If you and your guarantor have good credit then no proof of income will be required. If you both have fair/poor credit then the lender will need to see proof of income. Kind Regards, Edwin

Posted by Edwin Miles on 04/04/2012 @ 11:07

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Thanks for the reply. The situation would be my wife who has poor credit using a family member to be a guarantor. This family member has a very good credit rating but may struggle to prove sufficiant income due to the nature of her work. How would this be viewed? Regards, Lucas

Posted by Lucas on 04/04/2012 @ 11:40

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Hi Lucas, if your wife's family member has good credit then they won't be asked for proof of income. Please apply and we'll try our best to help and get you into a new car asap. Regards, Edwin

Posted by Edwin Miles on 04/04/2012 @ 11:52

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