Guarantor Car Finance Loans
Guarantor car finance loans
One of the finance options we have at Socialmotors for people who have been refused car finance, is a guarantor car finance loan.
We are able to help people who have a poor or even bad credit past obtain finance for their new vehicle – Although in some cases the only option available to you is a guarantor loan.
If you have struggled to keep up repayments or have defaulted or even been declared bankrupt, you are going to have a hard time finding a company that will approve you. At Socialmotors we have lenders who are willing to consider applicants with these types of situation a loan with a guarantor.
A guarantor loan is where you have a friend or family member sign with you. With this type of loan you it is down to you to make the repayments, if you do not however, your guarantor will be liable and will have to repay the loan for you.
Guarantor car finance eligibility
If you have been in the UK for less than three years, your are not eligible for the standard types of finance – But you may be eligible for a guarantor loan, subject to status.
It is not essential that your guarantor be a homeowner although it would help if they were. Your guarantor does not have to be in employment but will have to provide evidence of their income.
We have thousands of vehicles to choose – from cars, bikes, vans, motorhomes and even horse boxes. We do not ask for a deposit although you are able to make a down payment if you like, we also accept part exchanges if you have no money for a deposit.