Win your car finance with CarFinance 247

If you win, we'll pay off the finance on your car. It's that simple! Your car becomes completely yours, free and clear.

This amazing offer is open to anyone who has secured car finance with us throughout 2023, including Decemeber 2023!

This means that there's still time to enter, get your finance in December, and you're automatically in!

The lucky winner will be announced the week beginning 5th February 2024 on our instagram page.

Terms and Conditions apply.

Guarantor Car
Finance & Loans

Car Loans | CarFinance 247
Get my quote Rates from 9.9% APR. Representative APR 23.9%
CarFinance 247 is a credit broker, not a lender.
Car Loans | CarFinance 247

By planting a tree for every car finance agreement issued to one of our customers, CarFinance 247 is driving towards a more sustainable future.

Rates from 9.9% APR. Representative 23.9% APR. Hire Purchase (HP) Example: Borrow £10,000 over 5 years with a £0 deposit. Representative APR 23.9% fixed rate. Monthly payment: £274.05. Total cost of credit: £6,442.98. Total amount repayable: £16,442.98. Car Finance 247 Limited is a credit broker not a lender.

We look to find the best product from our panel of lenders and will offer you the best deal that you’re eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.

Guarantor Car Loans

Finding it tough to get finance on your own? You might be eligible for guarantor car finance!

Guarantor car loans are a lot like personal loans but the big difference is that you’re not going it alone. Instead, you’ll need to appoint a guarantor – someone who can step in and make repayments if you can’t.

While we don't currently work with lenders that can offer guarantor loans at CarFinance 247, if you’ve got a bad credit rating - or don’t have a credit history at all - guarantor car finance might work for you.

Can I get car finance with a guarantor?

The short answer is yes – although we don't currently offer them at CarFinance 247, guarantor car finance loans do exist.

If you’re a young driver or someone applying for car finance for the very first time, you might find that car finance with a guarantor is right for you.  

And if you do keep up with your repayments, you could demonstrate that you’re able to pay your bills on time and maybe even end up improving your credit score.  

What is guarantor car finance?

Guarantor car finance is a type of car finance loan where someone else (usually a close friend or family member) guarantees that the loan repayments will be made if you don’t keep up with your repayments.

The loan is usually paid to your guarantor and then they’ll release it to you. It’ll be your responsibility to make the loan repayments direct to the lender.

How does guarantor car finance work?

Guarantor car finance works in a similar way to a personal loan but instead of the loan being your sole responsibility, you’ll need to nominate someone who can back up the loan and step in to make repayments if you can’t.

This gives lenders an extra level of security, especially if you don’t have a credit history that can help show what kind of borrower you’d be.

How is a guarantor loan different to other loans?

The main difference with a guarantor loan is that there is not just a two-way relationship between you and your lender, there is a third party involved; the guarantor.

Basically, the guarantor agrees to repay the finance to the lender in the event that you default on the loan (i.e. miss repayments).

Guarantor car finance can be suitable for people who have a less than perfect credit history and/or have difficulty in getting approved for finance.

If you keep up with the repayments, it can help to rebuild your credit score too.

Guarantor car finance for young drivers

As a young driver, you may not have built up much of a credit rating yet – or even have one at all! That’s completely understandable but can also mean that it’s more difficult for you to find car finance.

If you have someone who is willing to act as a guarantor, then it’ll be their credit history – not just yours – that is taken into account when the lender makes their decision.

Who can be a guarantor for car finance?

Choosing a guarantor can be tough. It should be someone you’re comfortable having those awkward conversations about money with, as well as someone who can afford to step in if you miss a payment. That’s why guarantors are usually close friends or family members.

Being a guarantor is a big commitment, so trust is important. And on a more practical note, guarantors usually need to be aged between 18 and 75 and have a good credit history. Some lenders ask that guarantors are over 21 and homeowners.

Guarantors also need to be aware that they can face financial consequences if the loan is not repaid. Their credit score could be affected and, if they’re a homeowner, their property may be at risk of repossession.

Do guarantors get credit checked for car finance?

Yes – lenders will run a credit check on your guarantor. This is because they’ll be responsible for covering repayments if you can’t, so the lender will be looking to find out what kind of borrower they are.

Your guarantor may want to check their credit score before you apply for guarantor car finance to ensure all their information is correct and up to date.

Can I be a guarantor with bad credit?

No – it’s unlikely that you could be a guarantor with bad credit. Usually guarantors need to have a good credit score to reassure lenders that they can be relied on to make payments if the borrower can’t.

Does the guarantor need to be a homeowner?

It depends on the lender. Some lenders will require a guarantor to be a homeowner while others may consider renters who have been at the same address for many years and have an excellent credit history.

Ready to start?

Applying with us only takes a couple of minutes

Get in touch

Contact us

* The UK's largest online car finance broker by unique users to the website. Based on Similar Web data – 1,137,647 to CarFinance 247 vs. 753,819 for nearest competitor. January to June 2023.

CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).

CarFinance 247 is authorised and regulated by the Financial Conduct Authority for insurance distribution and credit broking (Firm Reference Number: 653019). CarFinance 247 is registered with the ICO (Registration Number Z1897658).

Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.

This site uses cookies so that we can provide you with the best user experience. By continuing to use the site you are consenting for cookies to be used. Further information on cookies and how you can disable them is available on our cookie policy.