There is no such thing as a guaranteed car loan. Lenders, and their underwriting departments consider many factors, including your personal circumstances, your salary, and your credit history, before deciding whether to offer a car loan. What’s more, responsible lending means that a lender has to consider your ability to repay the money that you borrow. Because lenders must take all of these factors into account, it means that they are unable and unwilling to provide a guaranteed car loan.
We are dedicated to responsible lending. This helps ensure that our clients are able to repay the money that they borrow, and it means that our clients remain satisfied with the service that they receive. In order to abide by responsible lending principles, we do not offer guaranteed car loans because we must consider your individual circumstances first.
One of the most common reasons that people search for a guaranteed car loan is because they have been rejected for finance in the past. We work with a number of responsible lenders, including those that are willing to consider even the most adverse credit files. While there is no guarantee of being accepted for a loan, Like Car Finance can help you gain access to the money you need to buy a car, even if you have been rejected before.
Bad Credit History
We understand that a lot of people make late payments, and the economic downturn of the last few years, has led to bad credit being a major problem for a growing number of people. One of our advisors can work with you to determine whether you have a chance of getting a car loan and they may be able to help you identify ways to improve your credit rating.
Soft Searches And Credit Searches
Even credit searches can impact on your credit rating, and at Like Car Finance we do everything possible to reduce the impact we have. We initially conduct a soft search, which is not seen by other lenders. On approval, we do need to conduct hard searches which will show up, but we limit these to two or three searches wherever possible.