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Does a Guarantor have to be Working to be Approved 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

Asked by DEE

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

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 13 People

£
4 Years
Best available rate XX% APR
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Representative example: borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96


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