Using a Guarantor Loan for a Car Loan Main Image

Using a Guarantor Loan for a Car Loan

In our latest series of blogs we are taking a look at some of the reasons that George Banco customers take out a guarantor loan and what it can be used for. In this case it is using a guarantor loan as a car loan.

By mid-2018 the UK population had reached an estimated 66.4 million people, consisting of around 27 million households and 19 million families. So understandably a large number of those people and families need cars in order to get about.

So why not just use public transport? Although public transport works for many people it is not always practical. This is especially the case if the destination of your work place is not accessible via public transport or perhaps there is a disability involved whereby the individual cannot physically get onto the bus or train, let alone get to the stations or pick up points.

Why not walk or ride a bike to your destination? Again, it’s a lovely idea but as soon as your destination is further than five or maybe even ten miles away then walking or even cycling is not really practical, especially if there is any equipment to take with you.

There are also a large number of people who work outside of normal working hours and therefore public transport is simply not available at the times they need it to be.

Either way it is understandable that as of March 2019 there were a whopping 38.4 million motor vehicles on our roads.

So what happens when you are in one of those situations whereby public transport, walking or cycling is not an option and you do not have the cash to outright buy a vehicle. You look for a loan to purchase the required vehicle. You could apply to the banks for a small loan or even explore the other mainstream lenders for credit in some form of hire purchase scheme. However, if you have a bad credit history or no credit history at all that’s when companies like George Banco come in. Here at George Banco we specialise in lending to people who have bad credit ratings or no credit rating at all by way of our unique guarantor loans.

Provided you can clearly afford to fit the repayments into your monthly budget, and you have someone with a good credit history willing to act as your guarantor to make the repayments if you aren’t able to, then George Banco is the ideal company to make an application. If your application is successful you will be able to use the funds to purchase an appropriate vehicle and get back on the road.

You should also bear in mind that when you buy a car the costs don’t just stop there. You also have to ensure you can afford the running costs which include the MOTs, road tax, tyres, light bulbs, wiper-blades and most of all the fuel, otherwise you may need to rethink your strategy.

If you are in a similar position suffering from a bad credit history and you are considering making a George Banco guarantor loan application, then head to our website homepage and from there you can head to the to the simple guarantor loan online application form where you will be able to get started.

Sources: https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/articles/overviewoftheukpopulation/november2018

https://www.racfoundation.org/motoring-faqs/mobility#a1