It's important to understand that there is no such thing as Guaranteed Car Finance. Unfortunately there are several car finance companies that state that they can guarantee car finance and some even charge a fee.
The truth is no company that is regulated by the FCA can guarantee that you will be accepted for car finance. As a word of caution, any car finance company that states that they can guarantee a car loan are breaking FCA regulations.
In fact, any company that guarantees car finance is regarded as unethical in their conduct. Any reputable lender will take great care looking at your financial circumstances and working out whether you can afford the repayments and advise you accordingly.
Creditplus are regulated by the FCA and we are proud of our ethical lending reputation where we treat every customer individually. We will never state that getting car finance with us is guaranteed, but we do try our very best to find a car finance solution to suit every customer that applies with us.
Creditplus will make sure any car finance you take out with us is well suited to your financial circumstances. The word ‘Guaranteed Car Finance’ is in fact used by unscrupulous car finance companies to tempt potential customers into applying for finance. The 2010 consumer credit act states that it is illegal to make false claims when selling goods or services.
Simply complete our quick online application form (no impact on your credit file and no obligation to proceed), and we will see what options are available to you.
At Creditplus we treat all of our customers as individuals; it's your credit circumstance at a given time which will determine the car finance agreement that you can receive.
We pride ourselves on making it clear throughout our website and customer service calls that we will never guarantee a car loan acceptance. As a team we work hard to help find our customers the finance they need with the car they want.
Should you have any concerns or worries about applying, please get in touch and we'll be happy to talk you through the process.
When you complete our online application form, you'll be provided with an online decision on whether we believe there is an opportunity that you will be accepted for car finance.
As part of our ethical lending policy, when applying for car finance with Creditplus we conduct what is known as a soft credit search or quotation search. This 'soft search' provides us with a snap shot as to whether your credit profile suits any of our car finance lenders. This initial search leaves no credit footprint behind and will not impact your credit score.
Should the soft credit search deem you suitable for car finance, then you will receive what we refer to as a ‘provisional acceptance on car finance’. This is not a guarantee for car finance and simply allows us to have a conversation with you on which finance product would be suitable for your needs and which lender or lenders we recommend in line with your credit circumstances.
Our panel of lenders will also not be able to guarantee car finance, as they all are regulated by the FCA and each have their own lending criteria. As part of their responsible lending policies, they will take into consideration your individual circumstances including employment history, income and expenditure. The FCA rules making lenders check your ability to pay back the car loan to help determine your affordability they may look at the following areas:
1. Not being permanently in overdraft
2. No regular missed direct debits
3. Not over exhausted on credit cards.
Should we believe you will be accepted by one of our lenders, on your agreement we will pass your details onto that lender who will then conduct a recorded ('hard') credit check on your file. After receiving all your details, a lender may be able to approve your car finance application and provide you with a guarantee that funds will be made available. This can only happen after the 'hard' credit check.
Don’t worry; you're not alone. Our most popular section on our Help and Advice pages is Do I qualify for Car Finance?
This answers common questions such as:
Our lenders understand that there are many causes of bad credit and will always look at your individual circumstances when receiving your application from Creditplus.
With our panel of specialist bad credit lenders we can help you find a car finance package. It is common for the majority of people not to have the savings they need to buy their new vehicle outright, and in today’s climate personal loans can be tricky to obtain for someone with bad credit. Bad credit loans are available on almost any used vehicle. We will always supply and recommend relatively new and low mileage vehicles and our exclusive relationships can help you find the best available interest rate on the market.
Visit our car finance Help and Advice centre for more answers to your questions or use our online LiveChat service.
If you require further assistance, our team of Customer Advisors are here to help. We're open six days a week - you can view our opening hours here - and we're more than happy to answer your questions.