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Guaranteed car finance

You might have seen lenders claiming to offer ‘guaranteed car finance’. We explain why you should be cautious of this misleading claim, and what you can do if you have bad credit.

Guaranteed car finance

You might have seen lenders claiming to offer ‘guaranteed car finance’. We explain why you should be cautious of this misleading claim, and what you can do if you have bad credit.

What is guaranteed car finance?

Guaranteed car finance is the idea that your car finance application will be approved regardless of your credit score.

Guaranteed car finance doesn’t exist. Nor does guaranteed car finance for bad credit, guaranteed car finance with no credit check, or guaranteed car finance on benefits. It’s a topic discussed by many in the car finance industry. It’s often widely promoted, however, it’s important to know that a legitimate lender will never try to sell you guaranteed car finance of any form.

Think of it like this, you can never have a product that truly suits everyone and their individual circumstances, as we are all too different, and car finance is no exception. There is no one-size-fits-all when it comes to car finance, and therefore there is no such thing as guaranteed car finance. Everyone’s circumstances are different and any responsible lender will consider these before offering anyone car finance. It’s our duty as finance providers to offer customers loans that they can afford.

So, if you ever see ‘guaranteed car finance’ quoted on a car finance provider’s website, then you should act with caution. Picking a reputable car finance company is important, so don’t rush your decision. Also, make sure you understand how car finance works before you make an application.

Can I get guaranteed car finance for bad credit?

Lenders have the final say over whether someone is approved for car finance, and a responsible lender will never say that their car finance is guaranteed. Decisions of whether you’d be approved are based on factors like credit score and affordability.

Whether you have an IVA, CCJ, or bad credit, you won’t be able to apply for guaranteed car finance because it doesn’t exist. Car finance will only be offered once the appropriate checks have been done on an application. Only after these checks have been completed will car finance be offered. You should be wary of anyone claiming to offer bad credit car loans with guaranteed approval.

It would be unethical of us, or any lender, to lend money to someone who can’t repay it. This could leave them in a worse financial situation than they were before applying. That is why the Consumer Credit (Advertisements) Regulations 2010 protects customers from false or misleading claims like ‘guaranteed car finance’ and ‘guaranteed car credit’.

If you are looking for bad credit car finance, a specialist lender like Moneybarn may be able to help. We use a soft credit check when you apply, which doesn’t affect your credit score but will tell you whether we can offer you finance.

What can I do if I have bad credit?

We don’t only want to help you get car finance if you have bad credit. We want to help you improve your credit score and get you onto a better road ahead, both in your new car and financially.

Everyone can better their credit score, it doesn’t just apply to people with bad credit. So whatever your credit score is at the moment, we’ve written guides to help you learn what affects your credit score and what a good credit score is.

When you apply for car finance, the lender will look at a variety of factors, including:

  • Your income
  • Address and employment history
  • Affordability
  • Credit history

A lender may look at your credit score, but it isn’t usually the only factor they will check. They will often look at your credit report to see how you’ve managed credit in the past, and check that finance is affordable for your circumstances.

If you’d like to learn more, check out our bad credit explained guide. It explains in more detail what bad credit means and how it might affect you.

What is guaranteed car finance?

Guaranteed car finance is the idea that your car finance application will be approved regardless of your credit score.

Guaranteed car finance doesn’t exist. Nor does guaranteed car finance for bad credit, guaranteed car finance with no credit check, or guaranteed car finance on benefits. It’s a topic discussed by many in the car finance industry. It’s often widely promoted, however, it’s important to know that a legitimate lender will never try to sell you guaranteed car finance of any form.

Think of it like this, you can never have a product that truly suits everyone and their individual circumstances, as we are all too different, and car finance is no exception. There is no one-size-fits-all when it comes to car finance, and therefore there is no such thing as guaranteed car finance. Everyone’s circumstances are different and any responsible lender will consider these before offering anyone car finance. It’s our duty as finance providers to offer customers loans that they can afford.

So, if you ever see ‘guaranteed car finance’ quoted on a car finance provider’s website, then you should act with caution. Picking a reputable car finance company is important, so don’t rush your decision. Also, make sure you understand how car finance works before you make an application.

Can I get guaranteed car finance for bad credit?

Lenders have the final say over whether someone is approved for car finance, and a responsible lender will never say that their car finance is guaranteed. Decisions of whether you’d be approved are based on factors like credit score and affordability.

Whether you have an IVA, CCJ, or bad credit, you won’t be able to apply for guaranteed car finance because it doesn’t exist. Car finance will only be offered once the appropriate checks have been done on an application. Only after these checks have been completed will car finance be offered. You should be wary of anyone claiming to offer bad credit car loans with guaranteed approval.

It would be unethical of us, or any lender, to lend money to someone who can’t repay it. This could leave them in a worse financial situation than they were before applying. That is why the Consumer Credit (Advertisements) Regulations 2010 protects customers from false or misleading claims like ‘guaranteed car finance’ and ‘guaranteed car credit’.

If you are looking for bad credit car finance, a specialist lender like Moneybarn may be able to help. We use a soft credit check when you apply, which doesn’t affect your credit score but will tell you whether we can offer you finance.

What can I do if I have bad credit?

We don’t only want to help you get car finance if you have bad credit. We want to help you improve your credit score and get you onto a better road ahead, both in your new car and financially.

Everyone can better their credit score, it doesn’t just apply to people with bad credit. So whatever your credit score is at the moment, we’ve written guides to help you learn what affects your credit score and what a good credit score is.

When you apply for car finance, the lender will look at a variety of factors, including:

  • Your income
  • Address and employment history
  • Affordability
  • Credit history

A lender may look at your credit score, but it isn’t usually the only factor they will check. They will often look at your credit report to see how you’ve managed credit in the past, and check that finance is affordable for your circumstances.

If you’d like to learn more, check out our bad credit explained guide. It explains in more detail what bad credit means and how it might affect you.

How can I improve my bad credit score?

How can I improve my bad credit score?

Check your credit reports

Wrong information appearing on your credit report might impact your credit score. Make sure all your information is up to date and correct so that your credit history is right.

Use your credit card wisely

Missed or late payments will negatively affect your score, so try to pay your bills in full and on time.

Register for the electoral roll

If your name isn't on the electoral roll, you will find it harder to get credit. Make sure you are registered at your current address.

Avoid moving home often

If you move address regularly you might find it harder to get finance, and it can impact your credit score.

Check your credit reports

Wrong information appearing on your credit report might impact your credit score. Make sure all your information is up to date and correct so that your credit history is right.

Use your credit card wisely

Missed or late payments will negatively affect your score, so try to pay your bills in full and on time.

Register for the electoral roll

If your name isn't on the electoral roll, you will find it harder to get credit. Make sure you are registered at your current address.

Avoid moving home often

If you move address regularly you might find it harder to get finance, and it can impact your credit score.

Tips on how to improve your credit score

Everyone’s credit report is different. One thing that might improve your chances of getting finance is improving your credit score. Find out some common ways that might improve you score in our guide.

How to improve your credit score

Tips on how to improve your credit score

Everyone’s credit report is different. One thing that might improve your chances of getting finance is improving your credit score. Find out some common ways that might improve you score in our guide.

How to improve your credit score

FAQs around guaranteed car finance

Guaranteed car finance garages do not exist. This is because no responsible lender, broker, garage, or dealership will ever be able to guarantee you car finance. There are many checks that every car finance applicant has to go through before they can be offered car finance.

However, not all garages are trying to sell you a fake promise, there are many reputable dealers and garages around the UK. Find car finance near you today.

No responsible lender can guarantee no deposit car finance. Your eligibility depends on personal factors, such as affordability and your credit file. Everyone’s circumstances are different, which is why you may be asked to put down a deposit for finance.

Whether you have an IVA, bad credit, or even good credit, you cannot apply for guaranteed car finance because it doesn’t exist. Car finance will only be offered once the appropriate checks have been done on the applicant. Only after these checks have been completed will vehicle finance be offered.

If you’ve had an IVA, we specialise in offering bad credit car finance to people in an IVA or with a CCJ. We use a soft credit check at the point of application, which won’t affect your credit score.

As dealers and brokers have no control over whether someone is approved for car finance, they cannot say you will be guaranteed car finance.

Lenders have the final say over whether someone is approved for car finance, and they will never say that it is guaranteed. Decisions of whether a person is approved are based around several factors like credit score, affordability, and your personal circumstances.

It would be unethical of us, or any lender, to lend money to people who cannot repay it. This could leave them in a worse financial situation than they were before applying. That’s why it’s important to know that ‘guaranteed car finance’ is a misleading claim, and does not exist.

100% acceptance car finance and 100% guaranteed car finance are the same claim, but both are misleading as they don’t exist. No lender can guarantee you car finance. Everybody has different circumstances, and your eligibility for car finance will not be the same as someone else.

Regardless of your credit score, there should be a lender out there that can help you. Anyone can apply for car finance, but it might be harder to get approved if you have poor credit.

We have over 30 years of experience helping people up and down the UK get the car they need. For more information, see our guide that explains how it works.

FAQs around guaranteed car finance

Guaranteed car finance garages do not exist. This is because no responsible lender, broker, garage, or dealership will ever be able to guarantee you car finance. There are many checks that every car finance applicant has to go through before they can be offered car finance.

However, not all garages are trying to sell you a fake promise, there are many reputable dealers and garages around the UK. Find car finance near you today.

No responsible lender can guarantee no deposit car finance. Your eligibility depends on personal factors, such as affordability and your credit file. Everyone’s circumstances are different, which is why you may be asked to put down a deposit for finance.

Whether you have an IVA, bad credit, or even good credit, you cannot apply for guaranteed car finance because it doesn’t exist. Car finance will only be offered once the appropriate checks have been done on the applicant. Only after these checks have been completed will vehicle finance be offered.

If you’ve had an IVA, we specialise in offering bad credit car finance to people in an IVA or with a CCJ. We use a soft credit check at the point of application, which won’t affect your credit score.

As dealers and brokers have no control over whether someone is approved for car finance, they cannot say you will be guaranteed car finance.

Lenders have the final say over whether someone is approved for car finance, and they will never say that it is guaranteed. Decisions of whether a person is approved are based around several factors like credit score, affordability, and your personal circumstances.

It would be unethical of us, or any lender, to lend money to people who cannot repay it. This could leave them in a worse financial situation than they were before applying. That’s why it’s important to know that ‘guaranteed car finance’ is a misleading claim, and does not exist.

100% acceptance car finance and 100% guaranteed car finance are the same claim, but both are misleading as they don’t exist. No lender can guarantee you car finance. Everybody has different circumstances, and your eligibility for car finance will not be the same as someone else.

Regardless of your credit score, there should be a lender out there that can help you. Anyone can apply for car finance, but it might be harder to get approved if you have poor credit.

We have over 30 years of experience helping people up and down the UK get the car they need. For more information, see our guide that explains how it works.

Refused car finance

If you’re searching for guaranteed car finance, you might think that it’s impossible to get car finance if you’ve been refused elsewhere. See our guide that explains how we could help.

Refused car finance

What is CS finance?

CS stands for Conditional Sale. This is the type of finance agreement we use at Moneybarn. Find out more in our guide.

Conditional Sale (CS)

Our application process

It is important to completely understand the car finance agreement that you may be entering – find out more about how a conditional sale agreement works.

Our application process

For a better road ahead

Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA promotes best practice in the motor finance industry for lending and leasing to consumers and businesses.

Moneybarn is the trading style of Moneybarn No. 1 Limited, a company registered in England and Wales with company number 04496573, and Moneybarn Limited, a company registered in England and Wales with company number 02766324. The registered address for these companies is: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.

Moneybarn’s VAT registration number is 180 5559 52.

Moneybarn Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702781)

Moneybarn No. 1 Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702780)

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© Copyright 2023 Moneybarn Limited
© Copyright 2023 Moneybarn Limited

Representative example: Total amount of credit £10,460. Repayable over 58 months, 57 monthly payments of £351.13. Representative 35.5% APR (fixed). Deposit of £910.55. Total charge for credit £9,554.41. Total amount payable £20,924.96. Subject to status and affordability. You could risk losing your vehicle if you do not keep up payments.