Credit+1 Guarantor Loans

At Creditplus, we believe in providing our customers with car finance options that can suit all sorts of personal circumstances. That's why we've created the Credit+1 Guarantor Loan, a secured car loan where a friend, family member or work colleague agrees to repay the finance agreement if the borrower fails to meet their monthly payments.

To know if you're eligible for a Credit+1 Guarantor Loan, Apply today using our 2-minute, no-obligation form.

Lending Criteria

  • £3000 - £20,000.
  • Minimum £300 deposit.
  • Existing Hire Purchase agreements must be settled prior to application.

Applicant Criteria

  • Minimum age: 18 years old.
  • Must be employed.
  • If self-employed, must have been so for a minimum of two years.
  • Proof of income required.
  • No Payday loans or short-term loans history within three months.
  • Good traceability records (e.g. electoral register, credit accounts, etc.).
  • Must have a close relationship with the guarantor (family member, friend or work colleague).
  • Applicant and guarantor aren't required to live at the same address.

Guarantor Criteria

  • Minimum age: 25 years old.
  • Three years of employment history required (a job check will be conducted).
  • No job exclusions.
  • Proof of income required (latest two months of payslips).
  • No history of Payday or short-term loans.
  • Must have a close relationship with the applicant (family member, friend or work colleague).
  • Applicant and guarantor aren't required to live at the same address.
  • Affordability checks will be conducted (two months or personal and business bank statements will be required).

Vehicle Details

  • The financed car must be supplied by Creditplus.
  • Maximum car mileage: 90,000 miles at the start of the agreement.
  • Maximum car age: 8 years at the start of the agreement, 12 years at the end of the agreement.
  • Applicants under the age of 25 must select a vehicle within Insurance Grouping 20 or below.

If you meet the criteria above, Apply today by filling out our 2-minute, simple, no-obligation application form.


For many new drivers and particularly young drivers, the cost of insurance may be more of a concern than the price of the car itself. Insurers determine car groupings from 1 to 50 based on several factors, with group 1 being the lowest and cheapest.

Why we don't finance young drivers above insurance group 20

  • These vehicles cost more to insure meaning they can affect finance affordability.
  • Road tax costs are higher for these vehicles.
  • Fuel and maintenance costs are higher for these vehicles.
  • These vehicles tend to be more powerful, which can lead to higher claims rate for inexperienced drivers.

How our young drivers can benefit from this

  • Cheaper car finance means less risk of default and can help build a stronger credit file.
  • Cheaper tax, fuel and maintenance can make owning a car less financially straining.
  • Safer vehicles allow young drivers to build their motoring experience more confidently.

Insurance Groupings Explained

Insurance groupings go from 1 to 50 and are based on many different factors that impact how much it costs to insure a given vehicle. You can find an overview of these factors below:

  • New car values - The new car price and specifications provide valuable insights on how much it would cost to replace or repair the vehicle.
  • Damage and parts costs - The likely extent of damage of the car model in question and the price of the parts are also indicators of repair costs. Lower costs usually mean a lower group rating.
  • Repair times - Longer repair times mean higher costs and, therefore, higher group ratings, therefore repair times is a major factor in determining the price of motor insurance.
  • Car performance - High performance cars represent a higher risk of frequent insurance claims, so the acceleration and top speed of a vehicle is factored in by insurers when determining group ratings and prices.
  • Safety - Vehicles fitted with AEB (Autonomous Emergency Braking) systems are better equipped to avid 'low speed front to rear' accidents and are therefore more likely to benefit from a lower insurance group rating.
  • Bumper compatibility - The alignment and structure of bumpers can help reduce a car's insurance rating, as it speaks to the car model's solid built and safety.
  • Car security - Cars that are equipped with security features, such as alarm, immobilisation systems or high security door locks could benefit from a lower insurance group.

Now that you have all the information you need to make an informed decision, don't wait any longer to Apply for a Credit+1 Guarantor Loan. Fill out our 2-minute, simple form and get a no obligation quote today.

Got a question for us?

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.