guarantor loan

chloe87

can anyone tell me the requirements for a guarantor loan,

im unemployed but recieve IS, tax credits, CB and DLA,

would i be turned down for being unemployed even if i have a guarantor?

CLAPTON

being a guarantor means that person will pay the loan off if you are unable to do so
so they must have a lot of trust in you or otherwise be prepared to pay the loan.

in which case it will be better if they get the loan in their own name and then you pay them the money monthly
they will get a better interest rate and it will then be cheaper.

jonesMUFCforever

Most banks do not do guarantor loans.
Who will guarantee your loan - why can't they get the loan in their own name and you pay them back.

Most banks would automatically decline you for being unemployed. You would have to try a sub prime lender.

chloe87

its my partner that would guarantor the loan, he has 3 other loans in his name so wont take out another,

the loan would be a car finance loan,

jonesMUFCforever

chloe87 wrote: »

its my partner that would guarantor the loan, he has 3 other loans in his name so wont take out another,

the loan would be a car finance loan,

Guaranteeing a loan would be the same as taking out a loan if you default.

PNPSUKNET

cant you get motorbility

chloe87

no i dont quallify for mobility as i only get low rate mobility pay

CLAPTON

if you are living as a couple and sharing expenses etc , then it makes no sense to take out a high interest rate guarantor loan if a cheaper alternative is available.

maybe if your OH has 3 loans and you want another it's time to join the debt free wannabe board and have a look at your income and spending with a view to better budgeting

chloe87

we dont live together, i live alone with my 3 children, his loans are 1 personal loan, 1 car loan and 1 loan for a caravan, he's not in debt as such, he can easily afford his loans, i just wouldnt be happy with him taking a loan out for me

Eager_Elephant

The guarantor loans which you can get from some sub-prime lenders are only available if the guarantor is a homeowner.

I can't work out from your posts whether your boyfriend is

EE