No Guarantor Car Finance To Suit You

Rates from 10.9% APR. Representative APR 19.9%

Audi A1
CAR FINANCE SOLUTIONS

No Guarantor Car Finance.

If you need to arrange finance for a new car but have bad credit, the best way to achieve this may be by asking someone to be your guarantor for the loan. This is someone who has good credit and will not only support you as a safe person to lend to but will also make payments if you don’t. For this reason, not everyone is keen on becoming a guarantor!

It is still possible to get car finance if you can’t find someone who is willing to act as your guarantor.

What Is No Guarantor Car Finance?

This type of loan is available for people who need to borrow money to buy a car. If you can’t pay for your next car outright, this is the best way to fund it. You’ll be able to make regular payments instead of a lump sum. But, you will have interest added to the amount that you borrow, and will probably have higher rates of interest if you have bad credit.

No Guarantor Car Finance With Bad Credit

It’s possible, but you will pay higher interest rates than someone with good credit. You will also find that some lenders will be reluctant to enter into an agreement without a guarantor. The best thing to do is to be informed. Get a copy of your credit report, or several if you think that the information held by agencies may be different. Ensure that all of the information held about you is up to date and correct.

No Guarantor Car Finance

Am I Likely To Be Approved For No Guarantor Car Finance?

You should only ever apply for loans or finance that you have thought through in detail. Whether you have a guarantor or not, you must be confident that you can make payments in full or on time. If you are at all unsure, wait. Taking on a loan you can’t afford will only cause you further stress and credit problems further down the line.

If you think that you can afford it, always check the fine print. You need to not only be confident in repayment but also that the terms of the agreement and the type of car finance that you have selected are appropriate for you.

Why Choose Bright Car Finance For Car Finance.

The old traditional way of buying a car is by getting the car finance at the same place as you buy the car from. But this doesn’t always ensure you the best car finance deal.

If you get the finance first from Bright car Finance, you are buying your car from a position of strength, you know what you can afford. Often dealers can only offer a limited number of deals from one car finance company. At Bright Motor Finance we have many lenders on our panel, so we can make sure you are getting the best car finance deal for you.

Plus, we do all the admin, paperwork, and negotiations with the dealer.

No Guarantor Car Finance
Payment History
35%
Amount You Owe
30%
Length of Credit History
15%
New Credit Opened
10%
Type of Credit
10%

Credit Score Breakdown.

What Factors Affect Your Credit Score?

Financial well-being is strongly influenced by people’s credit scores. Your credit score is a measure of your financial responsibility. The higher your credit score, the better your chances of getting car finance with lower interest rates, and other benefits. Having a low credit score may prevent you from qualifying for a car loan that you may want, or your interest rate for borrowing will be higher than those who have excellent or good credit.

If you seek advice on how to improve your credit score or simply require more information, please visit: Ultimate Guide to Credit Scores

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Rates from 10.9% APR. Representative APR 19.9% Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 19.9%, the monthly payment would be £182.26, with a total cost of credit of £2,748.61 and a total amount payable of £8,748.61. Car Loans UK is a broker not a lender. This is an example only, all finance subject to status. Lender fees may apply

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Rates from 10.9% APR. Representative APR 19.9%

Frequently Asked Questions.

Why use Bright Motor Finance for motor finance?

At Bright Motor Finance we have many lenders on our panel, so we can make sure you are getting the best motor finance deal for you. Plus, we do all the admin, paperwork and negotiations with the dealer.

What is the difference between HP & PCP?

HP and PCP car finance are fairly similar to one another. However PCP tends to have lower monthly repayments. Although that the full amount that will need to be repaid is generally higher than with hire purchase.

PCP works by having a loan for the difference of the vehicles price when it is brand new, and the anticipated vehicle value when the agreement has been completed. This is because the vehicle will of course, depreciate over time.

HP works by usually paying a deposit of around 10% of the cars initial value, and then this value will be paid off in fixed monthly instalments. Car dealers as well as brokers (such as ourselves) can arrange a hire purchase finance agreement.

What is a car finance brokerage service?

In essence, a car finance broker acts as a middleman between the customer and the lender. A car loan broker handles all the paperwork and negotiates with lenders on your behalf. By doing this, you can rest assured that the broker is fighting for you to get you the best deal. Our goal is to make your car finance journey as simple as possible. As well as this, car finance brokers such as ourselves have deals that aren’t usually available to the general public. Instead of charging the customer, car finance brokers charge the dealerships.

What if I have been refused by other brokers?

There is still hope even if other brokers have rejected you in the past. We offer a number of finance options for those with bad credit scores at Bright Motor Finance. We will conduct a hard credit check when you apply for car finance through us, which may negatively affect your credit score. Especially if they were conducted within a short period of time. As a result, it is recommended that you wait between 3-6 months before applying for car finance again after being declined.

What if I’m struggling to make payments?

Having trouble making your car finance payments? You have a number of options available to you. One of the following charities/organizations can provide you with free, independent advice. 

Can I change my mileage on PCP contracts?

In a nutshell, the answer is no.

This is because the car’s resale value has already been calculated once you’ve signed your PCP car loan contract. It is crucial to know that exceeding your agreed-upon mileage allowance will result in additional penalties at the end of your PCP contract.

How does car finance affect my credit score?

Initially, asking for a car loan will typically have a negative impact on your credit score due to the intensive credit checks that lenders will perform. You should be aware, however, that if you make your car finance instalments on schedule. This will almost certainly improve your credit score.

What is APR?

The annual percentage rate (APR) is the total amount charged for the loan. APR, on the other hand, comes in two varieties. Exact APR implies that the rate displayed to you is the rate you will receive. Representative APR, on the other hand, suggests that 51 percent or more of those who apply for financing will receive that rate. This means that customers with weak credit may face a higher APR.

Representative APR is commonly used to advertise a company’s rates. After you have provided the lender with all of the essential information, they will be able to provide you with your specific APR rate.

GAP insurance and do you need it?

What exactly is it?

Gap insurance is an abbreviation for Guaranteed Asset Protection.

Gap insurance is a type of insurance that is meant to cover the difference between the amount your insurance provider pays out in the event that your car is written off or stolen and the price you paid for the vehicle. However, you should be aware that gap insurance supplements, not replaces, your usual car insurance.

So, when do you need gap insurance?

Gap insurance can be beneficial in a variety of ways. First and foremost, if you took out a large loan to purchase your car. As previously said, gap insurance would be advantageous if your automobile was stolen or written off. This is due to the fact that the gap will pay off the existing debt.
Furthermore, gap insurance may be advantageous if you are concerned about the depreciation of your vehicle. In the first year, a brand new car will lose 15-35 percent of its value. As a result, gap insurance might assist you in receiving a larger reimbursement if your automobile is written off after it has already depreciated.

Where can I purchase gap insurance?

Thanks to Bright Compare, comparing gap insurance quotes has never been easier!

What Happens If There Is An Issue With The Vehicle?

If the vehicle is defective upon delivery, you can simply refuse it and return it to the dealership.

Can I alter my car if I finance it?

You can, but you must first obtain authorisation from the financial firm before making any changes.

Hire Purchase

HP car finance is a great option for people without a guarantor. It typically has the highest approval rate of any car finance option. The terms are usually between one and five years. They will be likely to do a credit check and will also ascertain that you can afford the monthly repayments. The repayments are a combination of repayment and interest and if you should suddenly be able to afford it, you can pay the total off early. You will own the car at the end of the agreement.

Personal Contract Purchase

The monthly payments with PCP car finance are usually low and the difference between a personal contract purchase and a hire purchase is that you have several options at the end of the agreement.

The payments are lower because they do not reflect the full cost of the car. At the end of the agreement, you can pay an optional final amount to make the car yours. You will also need to set an expected annual mileage limit before signing the agreement. If you go over this limit there are penalties when you return the car at the end of the agreement.

Once the agreement is fulfilled you can either return the car, pay the final amount and own the car or use the car to part exchange for a new car on a similar agreement. Each time, make sure you compare bad credit car finance to ensure you’re getting the best deal.

Personal Loans

If you can’t afford to pay for a car with a lump sum, using a loan to spread your payments is a good option. If you have a poor credit rating you will find that there are fewer deals for you and the interest rates will be higher. It’s best to view this as a necessary stepping stone to better deals in the future, and if you carefully carry out a no-guarantor car finance comparison, you should be able to find something that works for you.