Guarantor
Someone who agrees to cover your loan payments if you cannot. A guarantor can help you get approved when your own situation is borderline.
A guarantor is a person who signs onto your loan and promises to pay it if you stop. They do not use the car, but they take on real responsibility. If you miss payments, the lender can chase them for the money.
Having a guarantor with a steady income and good credit can help you get approved, or get a better rate, when your own credit or income is not strong on its own. It is common for younger borrowers buying a first car.
Because the risk is real, a guarantor should understand exactly what they are signing. Under the CCCFA, the lender must explain the guarantee clearly before they agree.
Not every lender needs a guarantor, and many of our approvals do not use one. Get your fair rate and we will find lenders most likely to say yes to your situation.
See your repayments, then get a fair rate.
One application, one soft credit check, no obligation. We match you to the lender most likely to give you a fair go.