A guarantor loan is a type of lending product that requires a guarantor to co-sign the agreement. The guarantor is someone who agrees to repay the loan on behalf of the borrower, should they fail to meet the agreed repayments.
The guarantor would typically have a better credit history than the person taking out the loan and would, therefore, be viewed as a lower risk by the lender.
By taking out a guarantor loan you will find that you can obtain a lower APR rate than you would normally get if you don’t have a strong credit history and were to apply on your own.
Because Creditplus is passionate about giving everyone the chance to get a car loan, we have created the Credit+1 Guarantor loans.
The Credit+1 Guarantor Loan is a financial product consisting of a secured car loan where a third party (friend, family member or work colleague) agrees to guarantee the repayment of the car finance agreement in case the borrower fails to meet the monthly repayments.
You can read more about Credit+1 Guarantor loans in our dedicated page, where we have listed the full eligibility criteria, both for applicants and guarantors.
To know if you're eligible for a Credit+1 Guarantor Loan, Apply today using our 2-minute, no-obligation form.
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.