Does a Guarantor have to be Working to be Approved for Car Finance?

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?
Asked by Kay fowler
May 8, 2015

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

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 5 People

5 years
Total cost of credit £ 2000
Total repayment £ 2000
48 monthly
payments of
£ 245 98

Rates from 7.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £6,500 over 5 years with a representative APR of 9.9%, an annual interest rate of 9.9% (Fixed) and a deposit of £0.00, the amount payable would be £136.44 per month, with a total cost of credit of £1,686.40 and a total amount payable of £8,186.40. 

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 don’t charge a fee for our service, but we do earn a commission. This does not influence the interest rate you’re offered in any way.


Guarantor loans related questions

Hi there I'm just wondering if the guarantor needs to be a homeowner and needs to be there in person when signing the documentation? Or can this just be done over the phone?

Asked by Keith
May 8, 2015

Hi Keith, to obtain car finance your guarantor does not need to be a homeowner and the documentation can be completed and signed by the guarantor at a separate address as most lenders now allow the documentation to be signed at home rather than on a dealers premises.

It can't just be completed over the phone as your guarantor will have to put pen to paper if that makes sense. Please make an application when you can and if approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 5 People

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
May 8, 2015

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
Tim Carpenter Car Finance Expert

Liked by 13 People

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