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Get car finance with a guarantor despite poor credit score

Car finance with a guarantor is often a borrower’s last resort. The guarantor serves as your ticket to owning a car, so to speak. They act as a third party to ensure that the monthly payment gets settled in case the primary borrower fails to settle it. Loans with guarantors are often availed by college students to pay for tuitions fees, but people with bad credit scores also consider this option their saving grace.

Getting a Guarantor

Family members, business partners or a friend who has good credit rating qualify as a guarantor. However, you must be careful about treating your guarantor well. Giving him or her full responsibility for payments can ruin your relationship and ruin their credit score - because your default will be on their credit report as well. Remember that you sought the person’s aid just to have the car finance plan approved and not let them pay for the loan.

Where to Find Car Financing

You can find a list of lenders that take car finance with a guarantor into consideration: browse the web and locate the lenders that offer the best deals and terms. You can choose a car finance plan that suits your ability to pay. Take advice from experts when it comes to car finance and ease the burden of not knowing how to handle financial matters when you need it the most. Web sites like money.excite.co.uk can equip you with knowledge that will help you through the process of car finance with guarantor.

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