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[http://www.motionfinance.co.uk car finance calculator] - Guaranteed Motor finance can be a financing technique that enables people who have poor or bad credit to obtain obtain a new or second-hand car. It helps individual with credit problems that require a car looked after provides the car dealers and lenders an invaluable new company source.


Guaranteed car loan is a free service provided by lenders to car buyers with poor or bad credit. The guaranteed car loan lender allows the borrower to request a loan amount for the buying a car and when approved the borrower can go shopping for a car at any dealer like he/she where a cash buyer. This allows the borrower for the greatest cost possible.


[http://www.motionfinance.co.uk car finance] - The borrower of a guaranteed motor finance loan will select the car of their choice from the car dealership of these choice. They are going to then submit the completed application and the car details towards the guaranteed bank. There will be a required down payment up to Twenty percent of the cost with the car. The completed application should be associated with the following documents:

- Passport and/or drivers license.
- Name
- Current address
- Employment
- Bank Statements (3 to 4 months)
- Utility Bill
- Current Mortgage or Rent Payments (or process to make current)


Guaranteed motor finance programs are designed for individuals with bad credit, bankruptcy histories, credit and debt defaults, court judgments, no credit score and/or set up businesses which will be considered to risky for conventional lenders.


Guaranteed car finance is essentially a rental agreement or even a agreement for hire. The guaranteed car loan lender actually becomes the master of the car and rents it to the borrower to get a set monthly rental fee. For your term of the guaranteed car finance agreement the borrower makes the monthly payments and it has the entire utilisation of the car. Once the term with the agreement ends the borrower gets a free and cleat title to the car.


[http://www.motionfinance.co.uk guaranteed car finance] - Since the guaranteed car finance lender is in fact who owns the car for that term with the agreement it's relatively simple so they can take possessing the car in the eventuality of a default through the borrower. This reduces their risk and really should monthly premiums be missed they can merely go ahead and take possession of the car and place it with a new borrower.