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‘Guaranteed’ car finance – the truth

‘Guaranteed’ car finance is a highly contentious subject. Although still widely promoted, it's impossible to understand how any legitimate lender could deliver such a ‘guarantee’.


The phrase 'guaranteed approval' is used to tempt customers into applying for finance. The 'guarantee' then fails to materialise and a significant number of applications are declined.

So, is guaranteed car finance a scam?

Dealers and brokers have no control over whether a customer is approved for car finance. Lenders have the final say.


These decisions are based around what’s often referred to as a scorecard. Lenders want to make sure the people they lend money to will be able to repay it. This ultimately means there's zero chance of anyone being guaranteed car finance by default.


It would also be unethical as lenders would end up lending money to people who aren't in a position to repay it.

The law on guaranteed car finance

The 2010 consumer credit act states that making false or misleading claims in relation to consumer credit is an offence.


This act states advertisements must not contain the expression 'loan guaranteed', unless there are no conditions to the credit worthiness of the borrower. Any dealer or broker promoting ‘guaranteed’ car finance is likely to be in breach of this.


The consequences can lead to a full Financial Conduct Authority (FCA) investigation and enforcement action.


Given the FCA's focus on Treating Customers Fairly (TCF), the promotion of guaranteed car finance shouldn't be happening. However, considering that around 60,000 companies fall within the FCA's jurisdiction, policing them all must be a mammoth task and it's conceivable that some will slip through the net. Proof of this can be found by simply browsing dealer and broker websites.

Fees with guaranteed car finance

Some online brokers charge a ‘guaranteed finance’ application fee of up to £299. Although they might promise a money back guarantee, this is often bound so tight in terms and conditions you’d need to be a legal genius to receive a refund.


Even after paying this fee you aren't guaranteed finance and if offered, the rates can be high. You might also be expected to find a guarantor.

How Stoneacre can help

Ours is an ethical approach to providing car finance and we specialise in assisting applicants with a history of adverse credit. Although we’re unable to guarantee an acceptance, we deliver a two-out-of-three approval rate. We never ask you to pay an application fee either.


So even if you have one or more defaults, CCJs, or an expired bankruptcy, we may still be able to help (see: How we approach bad credit).

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Finance Disclosure

For the purpose of this promotion Stoneacre is not acting as a lender but as an independent credit broker working with a panel of lenders. A list of these lenders is available upon request. Stoneacre do not charge a fee for an introduction to a finance provider, however, we may or may not receive a commission.

Decidebloom Ltd t/a Stoneacre, Omega Boulevard, Capitol Park, Thorne, DN8 5TX, is authorised and regulated by the Financial Conduct Authority. Our FCA number is 308726. You can verify this by visiting the FCA website or by contacting the FCA on 0800 111 6768.

Representative example
Cash Price£11,500
DepositNil
47 Monthly Payments£219.24
Amount to Finance£11,500
Total Interest Payable£2,459.28
GMFV£4,054
Total Amount Payable£14,358.28
Option Fee (Included in TAP)£399
Term48 Months
Rate of Interest (Fixed)4.25%
APR9.3%
Miles per Annum6,000
Excess Mileage Charge6.0ppm