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Guarantor Loan

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Rates from 9.9% APR. Representative APR 16.9%

Representative example: borrowing £7,000 over 4 years with a representative APR of 16.9%, an annual interest rate of 16.9% (Fixed) and a deposit of £0.00 the amount payable would be £201.62 per month, with a total cost of credit of £2677.92 and a total amount payable of £9677.92. This is an example only, lender fees may apply. All finance subject to status.

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Vehicle Price:

£

0

Initial Payment (Deposit):

£

0

To Pay Over:

48

Months

Assuming your credit score is:

Best Available Rate

9.9%

Initial Borrowing

£0

Total Cost of Credit

£0

Total Amount Repayable

£0

48 Monthly

Payments of

£0

Rates from 9.9% APR. Representative APR 16.9%

Representative example: borrowing £7,000 over 4 years with a representative APR of 16.9%, an annual interest rate of 16.9% (Fixed) and a deposit of £0.00 the amount payable would be £201.62 per month, with a total cost of credit of £2677.92 and a total amount payable of £9677.92. This is an example only, lender fees may apply. All finance subject to status.

What is Guarantor LoanWhat is Guarantor Loan A guarantor loan car finance is an alternative method of purchasing your next car. Unlike other forms of car finance such as HP or PCP, a lender provides you with the full amount to cover the cost of your new car directly. This is typically secured by a third-party individual who agrees to take over your loan repayments if you struggle or fail to meet the repayments. This is usually the option where taking a personal loan is not affordable, for example, bad credit.
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How does Guarantor Loan work?

Here’s a quick example: Let’s say you want to buy a car worth £10,000 and want to pay it over 48 months. Your insurance, tax and maintenance for this new car would cost you £1000 per year. You want to own the car outright, so you take a personal loan for £14,000 from your lender. You and your third-party individual sign a 48-month contract at 8.9% APR to repay £348 each month. Your guarantor agrees to make the repayments in the event you are unable to. With the interest, the total amount you would end up paying will be £16,690. Your lender pays you the money directly, and you purchase the car from the dealer. As simple as that. You’ll need to provide comprehensive data for your guarantor: Name, address, contact number Employment history Credit rating History of loan and debt management Details on any other guarantor loan Real estate or car in possession

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Frequently Asked Questions

Most lenders require guarantors to be: - Aged 21-75 (some up to 80) - UK resident with good credit history - Earning £15,000+ annually (some accept lower) - Typically family members (parents most common) - Some accept close friends with strong financials We have specialist lenders who accept: - Tenant guarantors (not just homeowners) - Retired guarantors with pension income - Self-employed guarantors with 2+ years accounts - Non-family guarantors with long-standing relationships

The guarantor becomes legally obligated to: 1. Make payments if the borrower defaults 2. Cover any shortfall if the car is repossessed and sold 3. Potentially pay collection/legal costs 4. Have their credit file affected by the agreement Guarantor obligations typically last the entire loan term unless: - The lender agrees to release them (rare before term end) - The loan is refinanced in the borrower's sole name - The borrower passes away (varies by lender) We ensure all guarantors receive independent legal advice about these responsibilities.

Some lenders allow guarantor release after: - 12-24 months of on-time payments - The borrower's credit score improves significantly - The borrower can prove increased income The process typically requires: 1. Formal application to lender 2. Credit check on primary borrower 3. Sometimes proof of increased income 4. Possible fee (£50-150) Even after release, the guarantor remains liable for any missed payments that occurred before release.

If both borrower and guarantor default: 1. The lender may repossess the car 2. Sell it at auction (often below market value) 3. Pursue both parties for any shortfall 4. May register CCJs if debts remain unpaid To avoid this: - Contact the lender immediately if struggling - Request payment holidays or reduced payments - Consider voluntary termination if applicable - Explore debt advice services if serious difficulties We help clients in financial difficulty negotiate with lenders to find solutions.
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Phone:0203 322 1905
Email:sales@vizionfinance.co.uk
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  • Monday to Friday 09:00 - 20:30
  • Saturday 10:00 - 19:00
  • Sunday 10:00 - 17:00
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Vizion Autos Ltd is an authorised credit broker, not a lender, registered in England, company registration number 12299957. We are authorised and regulated by the Financial Conduct Authority under reference number 920157. The registered office address 330 Centennial Park, Centennial Avenue, WD6 3TJ.We can introduce you to a limited number of finance providers on our panel depending on your credit rating and affordability. By introducing your details, we receive a commission from our finance partners/lenders. This is a fixed percentage or figure and may vary by lender/partner, however this will never impact the rate or acceptance you are provided. Further information can be supplied on request. There is no fee charged by us for arranging the car financing or car warranty, but some lenders may charge a fee. All finance is subject to status and income. Written quotations are available on request. ICO Number ZA798078.
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330 Centennial Park, Centennial Avenue, WD6 3TJ
sales@vizionfinance.co.uk
+0203 322 1905