My Credit History is Really Bad. Can I Get A Car Loan With a Guarantor?

Hi, I have made an application and been approved but with a higher apr due to poor credit history. I just wondered if I was to add a guarantor with excellent history to my application would this potentially allow a lower apr or would it stay the same? Thanks
Asked by Nicola
March 23, 2015
Hi Nicola, thank you for your question. Unfortunately adding a guarantor to your application won't secure you a lower APR. As the car is for you and you're the main hirer the lender is lending the funds based mainly upon your credit profile. The good news is that you are approved and even though the APR may be higher than what you expected it can help you re-build your credit profile over time. If after 2 years you keep all your repayments up to date we may well be able then to secure you a better deal. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 11 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 21.9%, an annual interest rate of 21.9% (Fixed) and a deposit of £0.00, the amount payable would be £172.09 per month, with a total cost of credit of £3,825.54 and a total amount payable of £10,325.54.

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.


Bad credit (refused) related questions

I currently have a car loan with Black Horse which was taken out before I set up the DMP 2 years ago. The car now has 86000 miles and will need replacing soon. Black Horse has refused a loan even though the £530 monthly payment has been paid without any i


March 23, 2015

The good news is that we work with a panel of lenders (not including Black Horse) and some of them are able to help customers with bad credit get car finance, even if they’ve been refused elsewhere. Even so, we can’t say that we’d definitely be able to help you get PCP car finance as everyone’s circumstances are different and we’d need to look at your individual details to find out whether we can match you to one of our lenders. Make an application to find out more. Rates from 19.9% APR. Representative APR 29.9%.  

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 5 People

Hi, I've recently purchased (drove off the fore court yesterday) a new car. For no reason other than my own guilt at throwing £270 a month at a car, I'm looking at my options around returning the vehicle. I don't want to cancel the finance agreement if it


March 23, 2015

Yes! You have 14 days to reject a car finance agreement – also known as the “cooling-off’ period. Those 14 days start on the day you sign the agreement or the day that you receive a signed copy of it, whichever happened last. This applies to all regulated finance agreements.  

You’ll need to get in touch with the finance company ASAP and let them know that you don’t want to proceed. They can then ask the dealer to reverse the deal and return the funds.

Remember though, ending your car finance agreement doesn’t automatically mean you’ve also pulled out of your contract to buy the car. In that case, you’ll have to find another source of funds to pay for the car.

When you’re ready to find finance again, get a quote to find out more. Rates from 7.9% APR. Representative APR 21.9%.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 10 People

Hi, I have a really low credit rating of 350 because when I moved house years ago the new tenants racked bills up in my name. I've reported this and am trying to get it sorted.

I have a really good income of 100k+ a year, I am a preferred c


March 23, 2015

The good news is that we work with a panel of lenders and some of those can help people get car finance with bad credit.

However, we can’t guarantee that we’ll be able to help as everyone’s circumstances are different and we’d need to look at your individual details to find out if we can match you to one of our lenders.

As you’re looking for a Range Rover on car finance with bad credit, if you’re approved in principle, your account manager will be able to talk you through your options,  the amount that you could borrow and the deposit you may need in order to buy a car that’s right for you.

Get a quote to find out more. Rates from 19.1% APR. Representative APR 31.2%.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

Hello, i have recently got credit through 1st response to obtain a motorbike. I am having no problems with my payments with them but i still have a bad credit rating. Would it be possible to still gain car finance?

Asked by David Smith
March 23, 2015

Hi David, thank you for your question. If i’m honest it would be highly unlikely that First Response would give you another loan on top of the motorbike finance agreement.

However, there is a chance that one of our other lenders may be able to help. Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. There’s no guarantee of an approval at this stage but we’ll certainly try our best to help. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 13 People

Hi, I am in full time employment but, i am not on the electoral roll and i have bad credit. Is there anyway you could help me? Regards, Shane.


March 23, 2015

The good news is that we work with a panel of lenders and some of those lenders can help people who are on benefits and have bad credit get car finance. This includes people claiming Disability Living Allowance, subject to approval. However, we can’t guarantee you’ll get a car loan as everyone’s circumstances are different. Get a quote to find out more. Bad Credit Representative APR 31.2%.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

Hi, I am looking into getting a finance on a used car, nothing to pricey. I have however, had issues with my credit in the past and have a couple of defaults that have been hanging about for a few years now. However, for the past few years e


March 23, 2015

The good news is that we work with a panel of lenders and some of them are able to help customers with bad credit get car finance, even if they’ve been refused elsewhere. We can’t say that we’d definitely be able to help though, as everyone’s circumstances are different and we’d need to look at your individual details to see if we can match you to one of our lenders. Get a quote to find out more. Rates from 19.1% APR. Representative APR 31.2%.  

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

I need car finance but i have bad credit due to submitting quite a few finance applications and previous late payments. I have paid up all my debts and have been employed with the same employer for 3 years. I am however still being declined for finance du


March 23, 2015

Unfortunately, we can’t guarantee that we can definitely help you get car finance but we do work with a panel of lenders and some of them are able to help customers with bad credit get car finance. Everyone’s circumstances are different, so we’d need to take a look at your individual details to see if we can match you to one of our lenders. Get a quote to find out more. Representative APR 31.2% with bad credit.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 9 People

Hi, I have bad credit but I do have a car on finance at the moment. My car is an Astra 56 plate and is worth £2000 however, I got knocked back for finance & I need a bigger car. How can I go about this? Can my partner go for the finance in her name but sh

Asked by Chris
March 23, 2015

Hi Chris, your partner couldn't apply as she doesn't have a driving licence. Where did you apply and what was the reason they gave for turning you down? If we can get you approved we can take your part exchange off you. Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 3 People

Hi, I am 20 years of age and I am looking at getting my first car. I need to finance about £6000, have a deposit of £500. I earn a fixed income which can be proved with bank statements. My credit rating is poor but that's because I've never

Asked by Edward Dean
March 23, 2015

Hi Edward, thank you for your question.

You’re in a tricky situation because to get credit you need to have a credit check carried out. All i can say is that i’m confident we could help as you are employed, have a deposit and don’t have any bad credit as such. I take it you’re on the electoral roll and have a full UK licence?

If so, please make an application and once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 People

Hi, I am looking for some car finance as I need a new car ASAP however, I have a bad credit history. I don't have any CCJ's, but I do have a default on my account. I managed to get a mobile phone contract last year. However, I am a student,

Asked by Annabel Williams
March 23, 2015

Hi Annabel, thank you for your question.

As you have a part time job and only require a small balance i'm confident we can get you accepted. The fact that you have no CCJ's is good news and we do have lenders that help people with past defaults.

Please make an application and once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

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