Is Guaranteed finance real?
In a world filled with tempting promises, one phrase that often catches the eye is ‘guaranteed finance’. It sounds like a dream come true, especially when you are eyeing up a shiny new vehicle at a dealership. However the truth behind this enticing claim may not be as reassuring as it seems.
The illusion of guarantee
Many dealerships and even finance companies proudly market their finance as ‘guaranteed’, creating an aura of certainty around the loan approval process. But let’s clear the air – there’s no such thing as guaranteed finance, at least not in the way it’s often portrayed.
The legal hurdle
The simple reason behind this is the legality of such claims. It’s legally impossible for any lender to offer guaranteed vehicle finance to every applicant. Why you ask? Well, when you apply for vehicle finance or in fact any form of finance, the lender has the responsibility to ensure that you’ll be able to meet your financial commitments. This involves scrutinising various aspects of your financial profile.
The reality of the application process
When you submit an application for vehicle finance, lenders will typically conduct a thorough assessment of your financial situation. This includes checking your credit history and assessing your income. these checks are not meant to be a hurdle but rather a safeguard to ensure that you don’t end up in a financial situation that’s unsustainable for you.
No Guarantees, just opportunities
Here at Motor Loans R Us, we don’t dangle the illusion of ‘guaranteed’ vehicle finance. Instead, we take a different approach. Thanks to our extensive panel of lenders, we can offer competitive vehicle finance to a wide range of individuals, including those with less-than-perfect credit scores. We focus on providing opportunities for our customers, no false guarantees.
The hidden costs
Another aspect to be cautios of its the hidden costs associated with ‘guaranteed’ vehicle finance services. Many companies in the market charge administration fees for their supposedly guaranteed services. This means that ever before you secure your finance, you’re shelling out money for a service that may of may not deliver what it promises.
In the world of vehicle finance, the term ‘guaranteed’ should be taken with a grain of skepticism. It’s essential to understand the legal and practical limitation that surround loan approvals. At Motor Loans R Us, we’re committed to transparency and providing fair opportunities to our customers . So while we can’t guarantee finance for everyone, we can certainly work with you to explore your options and find a financing solution that suits your needs and financial circumstances.
Stay informed, and remember that financial decision should be based on realistic expectations, not just enticing marketing claims.
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