Guarantor Personal Loans
A guarantor loan is when someone else vouches for the person taking out a personal loan by promising to take over repayments of the loan should the borrower become unable to pay. This provides extra security to the lender as it makes it a less risky loan.
As with a regular personal loan, the lender provides the loan facility, but not the vehicle. The customer purchases the vehicle directly from the dealership, using the loan amount borrowed. Unlike other finance agreements, the customer immediately takes title/ownership of the vehicle.
When a customer signs a personal loan agreement, they agree to make regular payments to the lender, until the amount borrowed, plus interest, is repaid in full. As the customer has title to the vehicle, there are no mileage or usage restrictions on the vehicle that is financed.
The agreement can be ended at any time by settling all outstanding balances on the agreement and paying any necessary fees. In most cases, any surplus interest will be rebated to the customer by the finance company. If the Consumer Credit Act regulates the agreement, the minimum amount to be repaid is stipulated by the Finance and Leasing Association.
What Are the Benefits of a Guarantor Loan?
The main advantage of a guarantor loan is that if you have a guarantor for any money you borrow, there is a higher chance of a successful loan application. Having the backing of a guarantor also makes it more likely that the lender will loan a larger amount.
A guarantor loan allows those with poor credit history to add security to their repayments and so are a great option for those with bad credit.
Finance Calculator
Our car finance calculator is a great estimation tool to see what you could afford to borrow. Simply use the sliders to see an example of what your monthly payments could be. Rates will differ based on your credit rating. Amounts proposed are an estimate, credit is subject to status and is not guaranteed.
Apply For Finance
Our online finance application form is quick & easy to complete. You can rest assured that we will make every possible effort to help you obtain the car credit you deserve. We will treat your car finance application in the strictest confidence and maintain your privacy at all times.
Why Choose Us?
All Credit Histories
We specialise in all credit histories including those who have previously struggled gaining credit or may have a poor credit history. If you are looking to buy a new or used car and you have a bad credit car finance rating, apply online using our easy to complete car finance application form.
Choose Any Vehicle
You can choose to deal with any reputable motor dealer in your local area or we can recommend a reputable motor dealer to you from our approved dealer network. Then simply leave it to us to find you a fantastic finance option with affordable monthly repayments, tailored to your circumstances!
Finance For You
We tailor credit for all of our customers based upon their circumstances. Our skilled staff try to source the best finance option for you, first time, and are there to support you throughout your finance agreement. Rest assured we will make every possible effort to help you obtain the car credit you deserve.
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If you have any queries please get in touch on 01482 459066 or fill in the form below