Guaranteed car finance loans advice

A car is something that everyone needs at one point or the other. Traveling through public transport is not always convenient and individuals prefer to have their own car in order to make their lives more comfortable.
However, cars are pricey assets and the only way to purchase one for most people is through car finance. Obtaining car finance is not always very easy. Most loan companies have different APRs and different terms and conditions which makes it difficult for people to choose something that they are comfortable with.

What is guaranteed car finance?

Guaranteed car finance assures you that you would have a car finance approved when you want to purchase a car. guaranteed car finance adviceThese are usually finance options that are provided to clients who are UK citizens and who would be able to make a moderate amount of down payment on the car. The credit history of the individuals may or may not matter, depending on the rules and regulations of the lenders.

Guaranteed car finance is usually not offered by banks and financial institutions that are quite reputed but more by the online lenders that are ready to offer guaranteed funds to the borrowers. The interest rates are not always the best in the market but these loans are definitely convenient.

The rate of interest on guaranteed car finance would depend in most cases on the credit score of the applicant. Those with a satisfactory score would be able to get lower APR while the others who have had problems with their credit history in the past would have to pay higher interest rates. However, the only reason that these loans are so popular in UK is that you would be given the assurance of going home with your brand new car.

Applying for guaranteed car finance online

Applying for these loans is relatively easy these days. The internet is the major venue where you can find many such car loan deals. The applications are normally processed as soon as they are submitted by the borrowers.

Quite a lot of lenders even offer the benefit of free applications so you would not be paying anything for submitting the application to the lender. There are also a few good online specialized companies that can forward your applications to dozens of lenders in UK offering guaranteed car finance and provide you quotes. The lenders would normally offer the borrowers good amount of flexibility in terms of the loan term and other such terms.

A guaranteed car finance can also help you to increase your credit standing if you are regular with the payments. That being said, it is always possible for you to end up getting a bad deal. The borrowers would have to be prudent in their choices and must select a reputed dealer.