Guarantor Car Loans
From time to time, everyone needs a little help and a guarantor can provide just that. Get a quote for your car loan today.
From time to time, everyone needs a little help and a guarantor can provide just that. Get a quote for your car loan today.
Having a guarantor can be key to getting a car loan if you’re a first-time borrower or have bad credit. The backing of a family member can help fast-track your approval, unlock flexible terms and get you a better interest rate.
By partnering with understanding lenders across Australia, we help you find the best car loan deal on the market. Our consultants have a wealth of experience in the loan industry and can match you to a lender most likely to give you the go-ahead. Start the process with us today to hit the road sooner.
You can apply, get approved and be funded all from your laptop or smartphone anywhere in Australia.
We’ve helped countless customers with bad credit achieve approval on their car loan applications.
Your consultant finds and matches you to a lender best suited to your circumstances, saving you the run-around.
Our lenders let you finance the full value of your vehicle without the need for any down payments at the outset.
Not having a credit rating doesn’t have to stop you from being approved. That’s why our lenders can work with first-time borrowers.
It’s not just cars you can buy. Purchase motorbikes, boats, jet skis, ride-on mowers, caravans, trucks and forklifts with a loan.
If you work but also receive other forms of income such as fixed Centrelink benefits, all of your income can be factored into your assessable earnings.
Schedule your repayments whenever you get paid with weekly, fortnightly or monthly payment options.
Roll your on-road expenses such as insurance, registration and stamp duty into your loan amount.
To get the wheels in motion, ask us for a quote online. You’ll also be given the choice to apply, but if you’re not quite ready, a consultant will call to discuss your options.
Once you apply, your consultant weaves their magic. They’ll use our high-tech software to match you with a lender best suited to your profile.
Your consultant will start preparing your application to send to the lender once confirmed. Ensure you have your important documents ready.
After you’ve been approved, your consultant emails your digital paperwork to sign. After they’re returned, your funds can be released.
Following a budget can be a good way of staying on top of your repayments. Your consultant will be able to help with this. During the application process, they’ll assess your income, expenses and current liabilities to ensure you’re not over-extending yourself.
A regular income provides the foundation for being able to afford your car loan repayments. If you’re holding down stable and consistent work, it’ll be easier to budget for your payments long-term. Being in and out of employment can cause financial stress and discourage lenders.
Reducing non-essential spending should ease the pressure on making your repayments. By drawing up a budget, you can see where your discretionary spending is going and cut back on buying lunch at work or entertainment costs.
Lenders give you the option to set up a direct debit on your repayments. This enables the payment to be automatically deducted from your account on the day it’s due, saving you from worrying about remembering to do it on time.
If a person is going guarantor for your loan, they must meet the following eligibility requirements:
Residency
They must be a permanent Australian resident or citizen to guarantee your loan.
Age
They must be over the age of 18, but will often be substantially older than that. Usually, lenders require the person underwriting your loan to be under the age of 65 before agreeing, but there may be instances where guarantors may be older (provided they can show that they’re able to support the repayments).
Close family
Going guarantor on a loan is usually a decision made to help get a loved one’s credit application across the line. As such, parents, adult children, siblings, step-parents, or a legal guardian can provide backing for your loan. This arrangement can make you more inclined to keep on top of payments so the relationship isn’t affected.
Stable income
They should have a consistent income and steady job if they want to be on the hook for your loan. If you are struggling to make the repayments, they’ll have to step up and take them on.
Asset-backed
Your backer should have property or valuable assets to their name. Lenders always prefer borrowers who are asset-backed when applying for a loan, so a guarantor with property to their name will help maximise your approval chances.
A good credit history
Bad credit history is a common reason people enlist a third party to back a loan, so this person should have a more stable borrowing track record and a higher credit score.