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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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My credit history is really bad. Can i get car car loans 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?

Posted by John Ledwidge on

Answer.

Hi John, thanks for using the Carfinance247 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, Edwin

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Question.

I have very bad credit and need a car loan, but I have a very good guarantor who is willing to help me. Would this help with finance?

Posted by Marcus on

Answer.

Hi Marcus, a guarantor who has a good credit history would certainly aid your chances of being approved for a car loan - please apply when you feel ready. Edwin

Posted by on

Question.

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?

If so, does the guarantor need to own a home or just have a good credit history? Also, can i go into a main dealer with the guarantor? Thanks in advance, Steve.

Posted by Steve on

Answer.

Hi Steve, thank you for your question and apologies for the delayed response. I hope you had a good Christmas / New Year!

In answer to your question we can help people with very bad credit get car finance but this cannot be guaranteed unfortunately. We will try our best though and we do have access to over 15 specialist lenders that help people in your situation.

A guarantor will certainly help and they don't have to be a homeowner - just have better credit than you do (preferably good). Also, as long as you are employed with a UK licence we do have an opportunity to get you accepted.

If approved we provide a no obligation quote and you can buy a car from any dealer nationwide so please apply with your guarantor when you can. Kind Regards, Edwin

Posted by on

Question.

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

Posted by Nicola on

Answer.

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, Edwin

Posted by on

Question.

Me and my partner have a mortgage together and my partner has offered to act as guarantor for me to lease a new car- is this a good option? Will this application be considered and how would I go about it?

Posted by A Worthington on

Answer.

Hello, thank you for your question.

If your partner has excellent credit and a regular income then them acting as a guarantor should help your chances of being approved, and we will certainly try our best to help you! All you need to do is mention that you have guarantor in your application.

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, Edwin

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