The Truth About Guaranteed Car Finance

The Truth About Guaranteed Car Finance

  • No deposit
  • A decision in 30 seconds
  • Doesn't affect your credit rating
  • Your own personal adviser

Check if you are eligible

You will receive an initial decision in just 30 seconds

Calculate the cost

Quickly and easily calculate what your monthly payments are likely to be

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Your Credit Rating
Deposit
Cash price of vehicle
Over how long

Sorry, No finance avaliable.

Best Available Flat Rate : %
Total Repayment : £
Total Cost of Credit : £
Payments of :

The Truth About Guaranteed Car Finance

Finance Example:

Car Price £8,100
48 Monthly Payments 47x £332.12 & 1x £531.12
Deposit Amount £250
Balance to Finance £7,850
Term Length 48 Months
Doc Fee £399
Option to Purchase Fee £199
Total Amount Payable £16,390.76
Interest Charges £7,693
Representative APR 44.7%
Interest Rate (fixed) 24.5%


Guaranteed car finance

What is Guaranteed Car Finance?

Finding a lender, broker or dealer who will give you car finance when you’ve got bad credit isn’t easy. So, if you see a company advertising guaranteed car finance, why wouldn’t you go for it? Unfortunately, no broker or dealer can guarantee car finance. If it sounds too good to be true, it usually is.

“Guaranteed” finance dealers are trying to make you apply for finance, but they can’t promise credit approval because they don’t make the decision. Lenders will make the decision according to your credit score as they want to make sure the person they’re lending money to can pay it back. So saying that it’s guaranteed credit, is misleading.

At Clearway car finance, we specialise in a range of car finance deals and always work hard to find you the deal that suits your circumstances. We might not be able to guarantee credit but we look at every individual circumstance. Use our finance calculator and see what we can offer you!

Guaranteed car finance no credit check

Are there laws about guaranteed car finance?

Yes. There are several legislations surrounding the motor industry, credit and advertising. For example, the 2010 Consumer Credit Act states that advertising should be fair, clear and not misleading.

Any broker or dealer offering guaranteed credit or car finance with no credit check, are misleading the customer to believe that they will automatically be approved for finance. Therefore, they’re in breach of this act.

This can lead to a company being investigated by the Financial Conduct Authority (FCA). The FCA focus heavily on Treating Customers Fairly (TCF), so things like guaranteed car finance shouldn’t be happening. Unfortunately, it’s difficult to police.

Guaranteed credit approval car dealerships

What Can I do to Avoid Being Scammed?

The best thing you can do is make sure you apply for car finance through a trustworthy and credible source. So by coming to Clearway Car Finance, you’re already halfway there. There are two more things you should do:

- Find out your credit rating. You can find this out on websites such as Experian. Your credit score will give you a good indication of what kind of car finance deal you can get.

- Work out your budget. In order for you to be able to comply with the finance deal, you need to know exactly how much you can afford to spend monthly on your car. Our online finance calculator might help you to figure it out.

Knowing both of these things will help you to get a clear idea of what kind of finance deal you should be looking for, thus helping you to notice any scams.

Guaranteed car finance scam

If I apply for guaranteed car finance, are there any application fees?

In some cases you can be charged for the supposedly guaranteed car finance application. This would be fine, if it meant you could get a car at the end of it. But what if you don’t?

Some ‘guaranteed’ finance dealers charge £299 just for the application. But remember, you are not guaranteed credit approval. So you could be paying all that money, and be left empty handed or end up with a finance deal that you can’t afford.

Make sure that you are aware of all the charges before you put your card details in. Some online applications can be sneaky, so make sure you read the small print.

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How can Clearway Car Finance help me?

At Clearway Car Finance, we specialise in getting people with bad credit an affordable car finance package. We can’t guarantee that you will get credit approval but we promise we will try our best to help you. Our dynamic team are experts in getting you approved for bad credit finance.

You can easily apply for car finance via our free online application form. You will be provided with a quick decision after your application. Unlike other application forms, ours is free! So you can check whether you’re eligible for absolutely no cost. We perform a soft credit search which will not damage your credit score.

Clearway can offer a range of car finance deals depending on your individual circumstances, including bad credit car finance, used car finance and 0% car finance packages. We have a range of used cars across lots of different manufacturers, so we’re sure you’ll find something you like.

If you already have a car and you’d like to trade it in, you can part-exchange your car with Clearway. Find out the value of your car using the quick and free online car part exchange valuation form.