Guarantor Car Loans
Guarantor car loans allow you to purchase a car with a loan even if you have bad credit. You choose a co-signer often a family member or friend who will be responsible for repaying the loan if you are unable to.
Signing up for a guarantor car loan might be easier than you think. Most lenders will consider anyone with a credit score above 300. You also do not need to have a large sum of cash on hand to put down towards the purchase of your car. Most lenders will give you the option to finance the entire car or a portion of it.
You have the option to finance the car over a longer period of time. This will help you to make lower monthly payments, but it will also mean that you will be paying more in the long run.
If you are using a guarantor car loan to purchase an exotic car then your lender might require you to put down a larger amount of money.
Guarantor car loans are not just for people with bad credit. In fact, people with great credit can also use them if they want to buy cars for their children or other family members.
One of the reasons that people choose guarantor loans is because they can be good for your credit score. Many lenders report payments on guarantor loans to credit bureaus which helps you build a good payment history and improves your credit score over time.
Advantages of Guarantor Car Loans
First of all, guarantor car loans are easy to get. Most lenders will consider anyone with a credit score above 300. You also do not need to have a large sum of cash on hand to put down towards the purchase of your car. Most lenders will give you the option to finance the entire car or a portion of it.
You have the option to finance the car over a longer period of time. This will help you to make lower monthly payments, but it will also mean that you will be paying more in the long run.
If you are using a guarantor car loan to purchase an exotic car then your lender might require you to put down a larger amount of money.
