Guaranteed Car Finance

We explore the options you have regarding guaranteed car finance and how legitimate the offer might be.

Buying a car is one of the most expensive purchases one can ever make in their lifetime. Therefore, many rely on car finance to help them get into a vehicle that suits their needs and budget.

Over 90% of new cars are bought using finance due to the flexibility - and ability - to get into a vehicle without having to pay for it all in one go. Knowing how much to pay each month allows you to budget and plan too.

It can be overcomplicated, though, especially for those unsure whether or not they are in a good or bad deal. For others, being refused car finance due to having bad credit is often common.

Do you have a car on finance and would like to reduce your monthly repayments? Sign up with Car Credible today; we could help you save money on your deal.

Check your deal now

If you're desperate for a car to help you get to work, take your children to school, or run around town, you'll do whatever it takes to find a lender to loan you what you need.

It's because of potential refusals that lead to some trying to find deals or lenders that offer 'guaranteed car finance'. If you have bad credit or have gotten rejected previously, that can be disheartening and frustrating to be unable to get into a deal.

What is guaranteed car finance?

While some lenders, brokers or dealers may offer 'guaranteed car finance', the truth is that it doesn't exist. Any reputable company simply cannot offer guaranteed car finance because they need confidence that the borrower can make the repayments.

If it were possible to take out a car finance deal without pre-checks, anybody could borrow money. That's impossible, and it would result in companies going bust and more and more people spiralling into debt.

Car finance is a product tailored to the individual requesting a loan. Everyone has different circumstances, affordability and requirements, and lenders take each person's conditions into account before making a decision.

Finance lenders are required by law to help customers as much as possible, and loaning large sums of money to people with no chance of paying it back is not a viable option for both parties.

If you're currently looking for a car finance deal and see 'guaranteed car finance' advertised, you should proceed cautiously - you will likely be left disappointed; research lenders before formally applying with them.


Can I get guaranteed car finance with bad credit?

If you apply for car finance and have bad credit, it is up to the lender if they approve you, and a reputable lender will thoroughly assess your credit history before making a decision.

Some lenders specifically work with those with bad credit; if your credit score is not in the best shape, find out who can help you and apply with them to avoid being refused by others.

Lenders need to be 100% sure you can afford to pay them back and afford all your other utilities, including rent, mortgage and bills. Guaranteed car finance can not exist for that reason.

Does Car Credible offer guaranteed car finance?

While Car Credible cannot offer guaranteed car finance, we can help you understand any existing car finance deal or put you in touch with the lender that is best for you if you are applying for first-time finance.

Another potential option is guarantor car finance. It's when you nominate a person, usually a close family relative, to act as your guarantor if you can't make your repayments.

Having this in place shows the lender that if you couldn't make a monthly repayment, you wouldn't miss it because your guarantor would step in and repay on your behalf.

When applying for guarantor car finance, you and your guarantor will undergo all the required credit checks. They should have an exemplary credit score to be approved as your guarantor.

If you can't make a repayment and they couldn't make it for you, the missed payment would impact both of your credit scores and potentially harm your ability to borrow again in the future.

Check your deal now

How to be guaranteed to be approved for car finance

If you're looking for car finance and want to know the best way to all but guarantee approval, you must ensure your credit score is in good shape and your previous credit history is clean.

Credit scores are updated every month based on the actions you make. So whether you're in a bad position or not, you can still take steps to improve your credit score to give you the best chance of approval.

Having a car on finance will improve your credit score as you make repayments and pay off your credit over time. As well as having a credit card and ensuring you never miss a payment.

You can even improve your credit score by being on the electoral roll, staying at the same address for several years, and not taking out too many new credit or debit bank accounts.

There are so many options available to help anyone requiring a car finance deal get one, but just be wary of anyone offering guaranteed car finance because, unfortunately, it does not exist.


Can I get guaranteed car finance without putting a deposit down?

Guaranteed car finance does not exist and neither does guaranteed car finance without putting a deposit down. While it may be possible to get car finance without requiring a deposit, your credit history will be assessed before that decision is made.

Can I get guaranteed car finance if I'm in debt?

If you are in debt or have bad credit, it's less likely that you will be approved for car finance. Guaranteed car finance is not a legitimate offering, however, there are some lenders that specialise in helping people with bad credit or IVAs; you should research these lenders before making any decision on your application.