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

Hello, My credit history is really bad and i have not been able to get any car finance. Can you help if i can get a guarantor? Also can i trade my current car in?

Asked by John Ledwidge

Hi John, thanks for using the CarFinance 247 Q&A.

If you were to add a guarantor onto your application it would certainly strengthen your chances of being approved for a car loan.

Do you have anyone in mind who would be able to help? If you did get a guarantor they would have to be made aware that if you missed your monthly payment then their credit rating would be affected also. When you say your credit is bad can you explain in more detail? How many defaults and arrears do you have and how much do they add up to?

How much were you thinking of financing for a newer car and to answer your other question - Yes, you can use your current car as a deposit towards a newer one. You'd simply part exchange this in at a dealer of your choice and they would inform you of what they'd be prepared to pay for it.

Car Finance 247 have a large panel of lenders that help customers in your situation. I can't guarantee that we can help you but we do help hundrerds of people with bad credit get into a new or used car on a monthly basis. Once accepted we provide a no obligation quote and you can buy a car from any dealer. Please make an application online. Kind Regards, Rachel

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 51 People

5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9% APR: the exact rate you will be offered will be based on your circumstances

Representative example: borrowing £6,500 over 5 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37

Rates may differ as they are dependent on individual circumstances. Subject to status.

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