Bad Credit Car finance with No Guarantor

What is a guarantor?

A guarantor is someone who will be liable for paying the rest of the car loan off if you fail to make the monthly repayments.

This is a common option for those with bad credit who need car finance as a guarantor is more likely to get approved if they have a better credit file than the person they are acting as the guarantor for.

Do I need a guarantor to get car finance if I have bad credit?

We do not offer car finance with a guarantor, because this allows us focus on helping those who have bad credit and may not be able to get a loan due to not having anyone to act as a guarantor for them.

We do however offer joint car finance for those who do fall short of our lending criteria. Having a joint applicant on your car finance agreement is different to having a guarantor as you will be both be equally liable for the full repayment of the loan.

Why would I need a joint applicant for my car finance application?

We will only ask for a joint applicant if you do not meet some of our eligibility requirements for us to give you a car finance agreement. Your income may be too low and having a joint applicant means we will take both of your incomes into consideration. Alternatively you could be self-employed but your earnings go into the bank account of your joint partners name.

Your joint applicant must live at the same address as you and will equally share the liability and responsibility of the car loan and making the monthly repayments on time. Having a joint applicant on your car finance agreement does not mean that the loan payments and commitment is split 50/50, you must both make sure the required amount is being paid off on time every month for it not to adversely affect both your credit profiles.

What is the criteria for getting car finance without a guarantor?

Our car finance eligibility criteria is also based on your personal circumstances, the car you choose and the amount you wish to borrow.

• Aged 18 or over.
• Lived in the UK for 3 years or more.
• Have £1000 income or more going into a bank account with your name on unless you are self-employed and your income goes into your joint applicants named bank account, or you have a low income and provide a joint applicant.
• Have a full driving licence except if you are looking for an automatic car on finance then you will only need an automatic licence.
• Not in an active bankruptcy or debt relief order, we do consider County Court Judgements, Debt Management Plans and Individual Voluntary Agreements.
• The maximum lend amount we can offer is £10,000 (subject to affordability)
• The maximum agreement length we can provide is 4 years / 48 months
• The vehicle you choose must not be older than 9 years at the beginning of the agreement (36 months)
• The vehicle must also not have a mileage of 100,000 or over at the beginning of the agreement (36 months)

Why Choose Go Car Credit?

• Reviews: Take a look at our independent Trustpilot reviews to see how we have helped our customers when other lenders would have said no to car finance for them.
• Direct Lender: We have our own dedicated in house sales and underwriting teams to give you full support if you need it throughout the car finance process.
• Application Tracker: Once you apply you will receive a custom link to your application tracker, there is no need to create an account or download any phone apps to keep up to date with the progress of your car finance application.
• Ethical and Responsible: We will only approve your application if you can safely afford the monthly repayments and for your peace of mind we are regulated by the Financial Conduct Authority (FCA).

What happens after I apply for car finance?

• Confirmation: It is important to get all your application details correct so we will give you a quick call to make sure we can do the very best to get you approved for car finance with us.
• Decision: Our underwriting team will review your application and set a credit limit for your vehicle. You can use your online application tracker to see their decision as soon as it is made.
• Choose Car: Our FCA regulated dealers will help you to find your ideal car that suits your affordability and your personal preference.
• E-Sign: You can now sign your car finance paperwork online to speed up the final process.
• Drive: You can now enjoy your new car, whether you collect your car from the dealership or choose to have it delivered.