Guarantor Car Finance

epsilondraconis

I'm sure if you spoke with Blakey1982 who posted on the following thread, they will warn you / your brother against it.

Gulp - I hope that didn't come across as a lecture...

http://forums.moneysavingexpert.com/showthread.html?p=13093443

Drea2904

epsilondraconis wrote: »

I'm sure if you spoke with Blakey1982 who posted on the following thread, they will warn you / your brother against it.

Gulp - I hope that didn't come across as a lecture...

http://forums.moneysavingexpert.com/showthread.html?p=13093443

Not atall this is exactly what i was looking for.

Thanks

epsilondraconis

No problem.

The one thing I would say is that the people that posted prior to me were only trying to help. I've been reading these forums for a long time and from my experience, the people that posted in this thread are definitely the good guys. They certainly weren't attempting to lecture you. They just don't want to see someone make a mistake and regret it. It is all too easy to read stories on this forum of someone trying to do a friend / family member / partner a good turn financially, and it ends up causing them nothing but misery.

Well done for coming on here and researching it first before making a decision.

Drea2904

CLAPTON wrote: »

to give good advice requires a good understanding of the situation

maybe you know more about guarantor loans than I or others on this forum.. well so beit and the best of luck

I know nothing about guarantor loans, thus why posting on this thread. I was wanting to help my brother (he has not asked but know he is having difficulties) but but wanted to know how hard/easy this was and what complications could occur.

I did not find your response at first helpful in the way it was presented and Apples assumed I wanted a guarator (which I would not). Although i do thank you all for taking time to respond allbeit some offended me at first!

CLAPTON

consider the following

loans that allow guarantors are usually subprime lenders (i.e. they charge higher interest rates that normal lenders)

the guarantor must have a good credit rating, and be able and willing to repay the loan if the borrower defaults..no ifs no buts it's totally their responsibility


so why not get the loan for your brother yourself, using the fact that your credit rating is excellent and your salary is good and then simply let your brother make the monthly repayments to you whilst you actually pay the loan company

-benefits are that he gets a lower APR, you know the loan is being paid off as you are in control and your risk is no higher than if you were a guarantor


whether it's a good idea or not depends upon your view of your brother of course, but I'll not go there.

Drea2904

whether it's a good idea or not depends upon your view of your brother of course, but I'll not go there.

Like that!!! Thanks for your advice, I currently have car finance with Arnold Clark which is 0% (apparantly!) so I thought finance with them may be best. I think at this time I will keep my mouth shut and not offer to go guarantor but even offer a small loan to purchase a run around.