Put simply – no. Just as there are no guarantees in life, there are no guarantees in car finance, and we would advise you to be very wary of any company that suggests that they can guarantee car finance to you. At My Car Credit, we don’t offer any guarantees but we always do our absolute best to get you accepted for car finance, so you can buy the car that you want.

The truth

The reality of the situation is that the ‘guaranteed car finance’ claim is often a marketing ploy to entice you into the idea that you will definitely be able to get a loan regardless of your circumstances.

Guaranteed car finance simply doesn’t exist. In fact, there have been laws in place since 2010 which state that making a false or misleading claim around finance guarantees for consumer credit is an offence. Additionally, advertisements that contain the phrase ‘loan guaranteed’ (unless there are no terms and conditions regarding the individual’s credit rating) are also banned.

‘Guaranteed finance’ schemes

There are many ‘guaranteed finance’ schemes which are designed to catch you out. A particularly common scheme is to ask for a ‘guaranteed finance enquiry’ fee. Usually this fee, and the offer that it is meant to guarantee, are attached so closely to small print (i.e. legal jargon), you’d need to be a qualified lawyer to decipher it!

Any finance lender suspected of dealing with customers in this way, can end up with a full Financial Conduct Authority (FCA) investigation into their conduct, which could lead to them being fined or forced to close.

In summary – almost every guaranteed car finance claim is a scam.

How it really works

Car finance agreements are purely based on your individual circumstances and your credit profile. This means that there will inevitably be some individuals who aren’t eligible for car finance. Whilst we will try and help you as much as possible to get approved for car finance, it’s the lenders that make the final decision after fully assessing your credit profile.

A credit profile is a document that contains information regarding your credit ‘worthiness’ and credit history. Your credit profile includes: what types of credit you hold, the length of time your credit accounts have been open for, if you made your repayments on time, and any applications for new credit. Lenders will be far less likely to lend you money if you would not be able to repay them. Not only is this bad business for them but it is also not ethical for them to lend you money if you can’t afford to repay it.

A more ethical solution to car finance

At My Car Credit, we only carry out a ‘soft search’ when you first apply with us. This means that there will be no footprint or indication on your credit file that a search has been carried out. Once you have made an application with us and a ‘soft search’ has been performed, we know if you will be accepted by one of our lenders on our extensive panel.

The benefit of this approach means that (in the small chance the application does not get accepted), your credit profile will not be affected.

What we can offer

My Car Credit have access to a large panel of lenders which are vetted by the FCA for their trustworthy operations and the quality of their service.

Our large network of lenders increases the chances of you getting accepted, across all credit profiles (from poor to excellent). Our unique underwriting policy prioritises the best outcome for you, the customer, in order to give you the best available outcome on car finance for your circumstances.

You can trust My Car Credit because we are part of Evolution Funding, the UK’s largest motor finance broker and market leaders in the industry. We have helped thousands of customers get the car they want; at the price they can afford.

We are regulated and monitored by the Financial Conduct Authority (FCA) and so you can borrow for your next car safely in the knowledge that we are professional and reputable.

There is lots of advice on our Help and Advice pages about how credit decisions are made and how you can improve your credit rating. If you have any questions, our Car Credit Specialists are here to help. Finally, you can get an instant decision, that won’t affect your credit file, by applying today.

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score

Representative Example

Borrowing £7,500 at a representative APR of 23.9%, annual interest rate (fixed) 23.88%, 47 monthly payments of £234.69 followed by 1 payment of £244.69 (incl. estimated £10 option to purchase fee), total cost of credit is £3,775.12, total amount payable is £11,275.12.

My Car Credit is a credit broker and not a lender.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!