Can I get guaranteed car finance in the UK?
No, car finance is not guaranteed, but at Stoneacre, we work with a panel of lenders who provide a range of car finance options for our customers. While our lenders have certain criteria for approval, bad credit doesn’t mean it’s the end of the road.
Our simple process starts with a free eligibility check, which performs a soft search. This means you can check your eligibility without affecting your credit score.
At Stoneacre, we’re here to help you find the best finance options available to you, even if your credit history isn’t perfect. Our experienced team will guide you through the process and make sure you get the most suitable deal for your circumstances.
Representative Example
This represents an average of the deals that our customers receive on other vehicles
We are a credit broker and a lender. We can introduce you to a limited number of lenders and their finance products. We will provide details of products available, but no advice or recommendation will be made. You must decide whether the finance product is right for you. We do not charge you a fee for our services. Lenders will pay commission to us (either a fixed fee or a fixed percentage of the amount you borrow) for introducing you to them, this may be calculated in reference to a variable factor such as (but not limited to) the vehicle age, your credit score and the amount you are borrowing. Different lenders may pay different commissions for such introductions. Offers available to everyone over the age of 18, subject to credit approval.
Why can’t car finance be guaranteed?
It’s actually illegal for lenders and companies to advertise for guaranteed car finance, and this is because approval for credit is not unconditional.
Lending money has to be a responsible act, and it’s up to lenders to ensure money and credit isn’t borrowed by those who might not be able to afford to pay it back.
The Consumer Credit (Advertisements) Regulations of 2010 also states that guaranteed car finance cannot be advertised, unless credit can be available to anyone who applies, which itself is impossible.
If you encounter claims from companies or lenders offering so-called ‘guaranteed car finance’, this will likely be an attempt to entice people in potentially vulnerable positions to apply for credit.
Stoneacre and the FCA
Like any reputable company that is involved with lending money, Stoneacre works ethically and responsibly when doing so.
Even though we are a broker and not a lender outright, we must still act accordingly, and we have very close ties to the Financial Conduct Authority (FCA).
Through this relationship, we ensure that our credit processes are robust and fair to all customers.
If we were to advertise guaranteed car finance, we would be going against such principles as it’s simply not possible to offer such a product.
Getting no credit check car finance
While it’s understandable that some may be actively looking for car finance with no credit check, again it’s something that’s just not possible.
At some point, an applicant for car finance needs to go through a full credit check to ensure they can be trusted to take on new credit and have the ability to make their payments.
It would be unethical for a lender to skip a credit check because of this.
The good news is that, here at Stoneacre, the first part of any car finance application is a ‘soft search’ - this explores your eligibility for finance without harming your credit rating.
Guaranteed car finance for bad credit
As already examined, approval for car finance cannot be guaranteed - however, we work with lenders who specialise in helping those with bad credit obtain finance on a vehicle.
Such lenders don’t just see your credit score as a single source of truth - while this score is a good indication of your current position, our lenders will also take into account your overall affordability of car finance.
We’re frequently able to help those in such a position obtain car finance, so while nothing is guaranteed, we have relationships with lenders who have a strong chance of helping you.
The car finance calculator is an indication of cost. Your chosen Stoneacre dealership will clarify any final details.
Guaranteed Car Finance FAQ
Law on Guaranteed Car Finance UK
The 2010 Consumer Credit Act states that making a false or misleading claim concerning consumer credit is an offence.
The act declares that no advertisements can contain 'loan guaranteed' unless there are no conditions pertaining to the creditworthiness of the borrower.
Any dealer or broker that promotes ‘guaranteed’ car finance is likely in breach of this.
Consequences can include 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 there are around 60,000 companies that fall within the FCA's jurisdiction, policing them must be a mammoth task and it's conceivable that some will slip through the gap.