Guaranteed Car Finance?
So does 'Guaranteed Car Finance' exist today?
When you require a car loan you may see advertisers use the term “Guaranteed Car Finance” or “Loan Guaranteed”. This phrase is often used to attract those looking for bad credit car finance by drawing them in with a promise that they cannot deliver on. No finance company or finance broker can offer this however we specialise in helping people looking for car loans with poor credit with no guarantor and in most cases, as a finance broker, we are in a position to offer car credit from any reputable car dealer in the UK.
Does Carvine offer 'Guaranteed Car Finance'?
Here at Carvine we often are able to offer car finance to consumers who would otherwise struggle to get car finance through normal channels. Although this is true we still cannot “Guarantee” you will be accepted. We support customers who may have bad credit, no credit, CCJ’s, IVAs, defaults, arrear, been previously bankrupt, or just have a poor credit rating, by working hard to not only gain an approval for you but also at a rate that is affordable.
Guaranteed Car Finance & the Law
Stating that any finance is ‘Guaranteed’ or “Guaranteed car loan” is false and misleading and therefore will be hit hard by the FCA as it is not fair to the consumer. A dealer or broker promoting ‘guaranteed’ car finance is likely find themselves in trouble. Please bear in mind this doesn’t mean we can’t help if you have ccjs or defaults or even if you are in an IVA or DMP, in fact we are usually able to help you in all circumstances however your interest rate for your vehicle finance application will depend on your past history in most instances according to the finance company’s underwriting criteria.
Some companies in the past have charged fees to 'Guarantee' the Finance
We have heard some horror stories of consumers being charged a fee to ‘guarantee the finance’. It then becomes near to impossible to get this money back when the guarantee of a new car or van fails to materialise. At Carvine we will never ask for a fee or guarantor and no fees are payable by you. The bottom line is beware of anyone stating guaranteed finance or guaranteed car credit.
Why not apply to see if we can help you as we have helped others?
Representative finance example:
Borrowing £7,500 over 4 years with a representative APR of 26.9%, an annual interest rate of 26.9% (Fixed) and no deposit, the amount repayable would be £244.77 per month, and total cost of credit would be £4,248.96 and the total amount payable would be £11,748.97
Your rate may differ from the above illustration due to your individual circumstances. All credit subject to status.