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Guaranteed Car Finance UK

by CreditRepair

Getting Guaranteed Car Finance In The UK

Guaranteed car finance in the UK is a very common financial product that is offered by so many companies that they are just about falling over themselves in an attempt to gain your business.

It wasn’t always like this though. Trying to get car finance with bad credit used to be a minefield where ‘cowboy’ lenders would use underhand tactics to get people to sign up to finance agreements that had sky high interest rates while selling overpriced cars.

I have been there and experienced this process but I was fortunate enough to walk away before signing on the dotted line. The car was overpriced by around £1,500 and the actual quality and history of the car was more than questionable. But the car dealer was trying everything to get me to sign for finance agreement.

Thankfully those days are gone, although there are still some dubious cars and dealers out there looking to take advantage of you and sell you any car they can. But today there are so many different finance companies that are happy to give you credit, regardless of your credit history, that you can pick and choose. These companies know that they are not the only ones who you can get credit from for a car so they are always looking to offer the best deals that they can.

So what do you need to get guaranteed car finance?

Well, actually the criteria is quite easy to meet. Usually you just need to be employed with computer printed wage slips, a UK resident and aged either 18 years or older. Some companies ask that you are aged21 years or older though.

The credit lender will then run a check to make sure you are who you say you are. This is part of a credit check which pretty much just checks your identity. The check also looks to see if you are currently bankrupt or are subject to an IVA. Some lenders will refuse you if you are an undischarged bankrupt or are subject to an IVA.

Introducing a new breed of guaranteed car finance.

Now, you may have an idea of how this guaranteed car finance thing may work, i.e: you find a car dealer who offers guaranteed car finance, you have to choose from a car they have in stock and hope that they will lend you the amount to buy it.

Well, that is one way it works but to be honest, it’s not the best option from your point of view. It means that you are restricted to having to buy a car from that dealer which could be very limiting. And because the dealer knows you are limited to buying the car from them, then it puts you in a very weak position to negotiate on the price. Trust me, I’ve been there too.

Thanks to the way things work today, you can now arrange guaranteed car finance from a lender who will agree how much you can borrow. You can then go and shop around for the car of your dreams. This means you are not restricted to just one particular car dealer. You can walk in to any car dealership and choose any car you like, subject to the loan limit set by the lender earlier.

Negotiate the deal like a cash buyer

Here is the best part. Because the lender has agreed a maximum loan amount with you in advance it is like you have that money in your bank. This means when you speak to the car dealer about the price you don’t have to mention anything about arranging finance or having bad credit.

So when you find the car you want and have agreed the price you simply call the finance company who have already agreed to lend you the money. Inform the lender who the car dealer is and the details of the car. The lender will then transfer the money directly in to the car dealers bank account so that you can then drive away in your new car.

This type of guaranteed car finance gives you so much more choice in buying the right car, at the right price from the car dealership of YOUR choice.

So if you are 21 years or more
Have a full UK driving license
And are a UK resident

Then getting the car of your choice is just a couple of mouse clicks away. Thanks to easy online applications you can get guaranteed car finance with ease. If you can fill in an online application form then you can get your guaranteed car finance within as little as one hour from now.