Guarantor Car Loan
Guarantor Car loan
Finding suitable finance to fund the purchase of your dream car is hard enough and it’s made no easier when you suffer from a bad or adverse credit rating. Fortunately, if you’re one of these people there are still plenty of funding options available to you.
A guarantor car loan is where a third party (friend or family member) agrees to guarantee the repayment of the finance in the case of you failing to meet the payments. The initial loan is paid to the guarantor and they release it to you. As the borrower, you are responsible for making the loan repayments direct to the lender. As a guarantor takes final responsibility of the loan lenders are more inclined to lend finance and have more flexible lending criteria.
How does a guarantor car loan differ from other loans?
With a guarantor loan there is not just a two way relationship between you and your lender (like with most loans), there is also a third party involved (the guarantor). In the event that you are unable to repay the loan, the guarantor agrees to repay the finance.
Who are guarantor loans suitable for?
Guarantor loans are especially useful for potential borrowers who have a less than perfect credit history and/or have trouble when it comes to securing finance. In addition to being easier to obtain, guarantor loans can actually help you rebuild your credit score providing that you keep up with repayments.
Finding a guarantor car loan
Taking out a guarantor car loan is a big investment, which is why you should ensure that you have the capacity to afford the repayments. Whilst our car loan calculator can assist you in comparing over 200 different loans from over 20 different lenders, we still urge that you contact a mortgage broker to assist you.
We have a specialist car loan advisory team, who can help you calculate the loan terms that you can comfortable afford. Additionally, our expert team can also compare a range of leading and exclusive car loan deals, to help find the ideal loan perfect for your personal circumstances.
If you have any questions or queries about calculating a secured loan, why not call us today on 0117 313 8872, for a free initial consultation; or fill in our contact form to request a call back.