Getting car finance with a guarantor isn't something that's possible with ourselves, but that doesn't mean it's the end of the road.
Thanks to the likes of joint applications, the door can remain open to getting aproved for credit.
Getting car finance with a guarantor is when you add a person to your finance contract who will be responsible for your debt if you can't pay.
If you have car finance with a guarantor, you are more likely to be approved for a car finance application as it provides more security for the lender, who is offering you credit.
This is especially useful for those who may have bad credit and need extra backing to make their application for finance more solid.
When applying for car finance with a guarantor (or on a joint application), it's important to choose a trusted friend or relative as your co-applicant.
Many choose either a parent, or spouse if you have separate bank accounts.
Please bear in mind that the person you're making a joint application with must be aware of the responsibilities that follow.
If at some point you were to default on an agreement, your car finance guarantor (or co-applicant) would have to accept financial responsibility for your monthly repayments.
It is possible through certain avenues to obtain car finance with a guarantor.
However, if you were to apply through Stoneacre, we would not be able to consider such an application, and instead would recommend a joint application.
This is because we feel a joint application provides stronger protection for our customers.
For those with a healthy credit score, getting car finance with a guarantor isn't something that is generally required.
However, anyone who has a credit score that isn't particularly strong could benefit from a guarantor, and may struggle to get accepted without one.
So getting credit without a guarantor is really down to how strong your credit score and overall financial health stands.