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Guaranteed Car Finance

Searching for guaranteed car finance? While the idea may appeal to you if you have a less-than-perfect credit history, it's important to note that legally, no lender can truly offer a guaranteed approval and you should be dubious of anyone claiming to offer this.

What is Guaranteed Car Finance? 

The truth is, guaranteed car finance simply doesn't exist in the UK. The Consumer Credit Act 2010 prohibits lenders from making misleading claims about credit. This means any advertisement offering "guaranteed" loans without considering your creditworthiness is likely breaking the law.

Why? Responsible lending protects both you and the lender. A credit check ensures you're borrowing an amount you can realistically afford to repay, preventing financial difficulties down the road. It also protects lenders from issuing loans to borrowers who may struggle to repay, minimising the risk of defaults.

Getting Car Finance with bad Credit

While there's no guaranteed approval, there are ways to increase your chances of securing car finance even with a less-than-perfect credit history. Here at Autozone, we specialise in helping people in a variety of financial situations find the car they need.

Here are some tips to strengthen your application:

Improve your credit score

Take steps like paying bills on time in full, reducing your credit utilisation ratio (the amount of credit you're using compared to your limit), and clearing any outstanding debts.

Put down a larger deposit

A bigger down payment demonstrates financial commitment and reduces the amount you need to borrow, making the loan more attractive to lenders.

Choose an affordable car

Opting for a more budget-friendly vehicle makes the monthly repayments more manageable. Consider factors like fuel efficiency and insurance costs when budgeting for your car. Browse our inventory online or at your local Autozone showroom to find the perfect fit for your budget and lifestyle. 

Consider a guarantor

Having someone with good credit co-sign your loan can strengthen your application. This person agrees to be responsible for the loan repayments if you're unable to make them.

Guaranteed Car Finance FAQs

Can I get guaranteed car finance?

No, under the Consumer Credit Act, lenders cannot offer guaranteed car finance. Any company advertising such a product is likely misleading you.

Can I get guaranteed car finance with a guarantor?

Even with a guarantor, your creditworthiness will still be assessed. However, a guarantor with good credit can significantly improve your chances of approval.

How can I increase my chances of being accepted for finance?

Building your credit score, putting down a larger deposit, choosing an affordable car, and considering a guarantor can all increase your chances of obtaining car finance.

At Autozone, we understand that everyone's financial situation is unique. We work with a network of lenders who specialise in a variety of credit profiles, so we can find the best financing option for you, regardless of your credit history. Our friendly team will take the time to understand your needs and goals, walking you through the application process and ensuring you get a clear picture of the available options.

Don't let bad credit hold you back from getting the car you deserve. Get in touch with Autozone today.