Here at Go Car Credit, we specialise in offering bad credit car finance with no guarantor to those who need a loan for their next vehicle.
Because we are specialists in bad credit car finance, our criteria is likely to be different from the direct lenders who may have declined your car loan application as they were looking to add a guarantor to the application.
Many of our customers may have been refused car finance by other lenders due to being on benefits, self-employed, may not have the money to put down a deposit or simply just have a poor credit history, so their applications are not considered from the start.
Representative example – Total amount of credit £9,000, annual interest rate 21.75% (fixed), charge for credit £10,092.32 (£9,787.32 interest, £295 admin fee and £10 option to purchase fee), total amount payable £19,092.32. Loan term of 60 monthly instalments, 59 payments of £318.04 and 1 final instalment of £328.04. 40.9% Representative APR – Subject to status and affordability
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.
Yes, we offer car finance with no guarantor, as long as you can safely afford to make the monthly repayments, and pass our specialist bad credit lending criteria.
We do not offer car finance with a guarantor, because this allows us to 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 loan agreement is different to having a guarantor, as you will be both be equally liable for the full repayment of the loan.
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 partner’s 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.
Our car finance eligibility criteria is also based on your personal circumstances, the car you choose and the amount you wish to borrow.
