In our busy 21st century lives, having a car to get from A to B is not merely something which is useful to have but in fact it is more something which could be considered an absolute necessity. Your car is both your trusty workhouse and a means to having independence, mobility, and security. After all getting to work, doing the school run, and bringing the food shopping home would be rather more difficult if you suddenly found that you had to do it by foot or public transport.
Replacing a car can be a very expensive business
Sadly nothing lasts forever and the time will eventually come when you have to say goodbye to your noble motored steed. Whether your car has failed it’s MOT or the engine has simply blown out on the way back from work one day, the laws of irony dictate that your car will meet its maker at a most awkward time such as when you do not have the money in the bank to replace it. If this has happened to you in the past, you will know full well how decidedly inconvenient this is because in addition to a car being one of the most important things that you could possibly own, replacing one will also be one of the most expensive purchases that you will make because buying a new car is an expensive business.
Can’t get a personal loan or car finance because of poor credit? Get a guarantor loan
If you, like millions of other consumers in Britain, have poor credit, replacing a car can become more difficult still because getting a personal loan from the bank or getting a car on finance will not be an option to you. Fortunately there is an alternative method of getting the money that you need to replace your battered old car by getting a guarantor loan. For the many consumers out there who are unable to access credit through mainstream sources and are unwilling to pay the extortionate rates of interest which come with getting payday loans, guarantor lending represents an alternative and affordable way of getting the money that they need to cover those unforeseen emergency expenses.
What is a guarantor loan?
Guarantor lending could be considered something of a throwback, in that it is a traditional, trust based form of borrowing which will allow you to get the money that you need, with the backing of somebody who is willing to co-sign your loan and act as your guarantor. You will be able to borrow up to £7,500 if your application is approved and the money will reach your account in no time and with no fuss. A guarantor loan offers applicants the opportunity to borrow anywhere between £1,000 to £7,500 over a one to five year period, which means that the loan can be paid back over a timescale which best suits your circumstances. Importantly, a guarantor loan is also a far more affordable way of borrowing money compared to other forms of alternative lending. A loan of £3,000 which has been taken out over three years can be paid back in monthly instalments of £143.98, which is equal to 47.9% APR. This is a great deal less than a payday loan which will more often than not cost the consumer £25 in interest for every £100 borrowed.
So if your car is on its last legs and you are thinking that it might be time to look into a replacement, make a guarantor loan your first port of call.