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Loan guarantor
Hi, when my son was 20 and working part time I guarantored a car finance loan for him. He is now 21 and working in permanant,full time job earning nearly 16k a year. I am considering moving house and want to know if there is any way my name can come off the loan so I can get a better mortgage especially with my son being in a good position to have his own name on the loan he also has a good credit history. Please can someone advise me as the finance company were extremely unhelpful! Thankyou
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Comments
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If the loan is still in force with a balance outstanding I would not think that they will let you stand aside.
I have never been asked to supply a guarantor when buying cars so I would imagine this is for people who would otherwise fail the credit scoring process run by the finance companies and it is a fall back should your son not pay it back.
The only way I think they would do so if he re-financed the loan.0
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