How to Buy a Car
Read MoreGuaranteed Car Finance
Guaranteed Car Finance
Unfortunately, there is no such thing as guaranteed car finance as no car finance dealer, credit broker or finance company can guarantee car finance as the 2010 Consumer Credit Act states that making false or misleading claims in relation to consumer credit is an offense.
If such a thing existed, a 100% guaranteed finance offer would mean that no matter what your personal circumstances might be you'd be given a car finance product. Even if you were thousands in debt, bankrupt, and even if you couldn't afford the car finance repayments a guaranteed car finance would imply that the company concerned would be able to offer you a borrowing opportunity.
The Financial Conduct Authority's rules on responsible lending enforce that lenders must assess the customers' creditworthiness (including affordability). This must consider the customer’s financial well-being and ability to repay the debt.
All of the sudden the term 'Guaranteed Car Finance' doesn't seem like a viable proposition now does it?
If you can't offer guaranteed car finance can you still help me?
Although we don't offer guaranteed car finance many of our lenders specialize in customers with poor credit and we have helped many people obtain car finance when they thought it wasn't going to be possible.
The advantage of using Find Me Car Finance is that we work with many lenders and once you fill in your details on our easy to use application we will match your details with the lender that is most likely to accept you which may increase your chances of being approved.
Is guaranteed car finance a myth?
The phrase 'guaranteed car finance' is used to tempt customers into applying for finance. The 'guarantee' then fails to materialize and a significant number of applications are declined.
The reality is that NO car finance provider is going to unconditionally lend to whoever asks them. Apart from anything else, such practices would be illegal, as well as morally indefensible.
If you may see adverts stating that there is a company offering, "Guaranteed Car Finance for Bad Credit with No Deposit” or “No Credit Check Car Finance” but dealers and brokers have no control over whether a customer is approved for car finance and ultimately the decision to approve you for car finance is the lenders.
Current legislation and guidance make it clear that if a company knowingly lends to an individual who clearly will be unable to make the necessary repayments, they are in breach of the law and will stand very little chance of recouping the debt if (and when) repayment is not forthcoming.
Regardless of what you might see advertised, guaranteed car finance garages are an urban myth.
The 2010 Consumer Credit Act states advertisements must not contain the expression 'loan guaranteed' unless there are no conditions to the creditworthiness of the borrower.
Any dealer or broker promoting ‘guaranteed’ car finance is likely to be in breach of this and the consequences can lead to a full Financial Conduct Authority (FCA) investigation and enforcement action. Given the FCA's focus on Treating Customers Fairly (TCF), the promotion of guaranteed car finance shouldn't be happening
DO WE OFFER GUARANTEED CAR FINANCE?
Find Me Car Finance and all its lenders and partners are regulated by the Financial Conduct Authority which enforces responsible lending.
For this reason, we would never advertise ‘guaranteed car finance’ – as our lenders aren’t able to approve an application until they’ve spoken to the customer and assessed that the loan they have applied for is affordable and it suits their requirements.
We do, however, welcome all customers regardless of their credit score and payment history.
GUARANTEED CAR FINANCE
If you are looking for guaranteed car finance, it's probably because your credit history is not quite perfect.
Not to worry though, Find Me Car Finance is here to help you get into your new car.
We may not be able to offer a guaranteed car finance for you, however, we are one of the UK's leading car finance brokers for bad credit car finance and we have access to many lenders who specialize in poor credit applicants and have helped many people when they thought there was no other hope.
Representative example:
Cash Price £7,500, borrowing £7,500 with £0 deposit and £0 charges over 48 months with an interest rate of 22.4% per annum fixed. Representative 22.4% APR fixed, the amount payable would be £234.75 a month, with a total cost of credit of £3,768.00 and a total amount payable of £11,268.00.
Sandhurst Associates Limited is a FCA-authorised credit broker, not a lender
Representative 19.9% APR.
We work exclusively with a selected group of lenders and brokers to offer you a range of credit and loan products. We may receive commission from lenders or brokers for introducing you to them or when you complete your application with them. You can request details of these commissions or fees, by emailing us. We will then provide you with the precise amount of the commission. Please note the broker we direct you to may not offer the cheapest loan that is available to meet your needs due to the panel of lenders they work with and/or have integrated with.
