Being a Car Loan Guarantor!

WillyWonga

Also it will show up on his credit file plus in this new era banks are running a mile if they see the mention of payday loan and Amigo type loans companies when they search. You can say you are the guarantor but they will treat it as a loan in your name as you are committed to paying it back if your friend defaults.

Marie27lol

Hi all

I would like to say, ty for all your advice.

We decided not to be guarantor for Amigo! In the end he lowered his expectations of car, and we have loaned him the money. The court owes him £xk, and he wants to pay off the significant owed once it arrives. And we have a SO each month until it arrives etc, plus a little amount as a ty for loaning the money temporary - more than the interest I would have received whilst in the bank!

He has even gone to a lawyer to draw a letter detailing his commitment to the loan. And this was all off his own back! My nerves are there, but they are no longer jigging up and down on a bouncy castle, more like a trampoline...

I know you say, NEVER loan to friends. But Fingers and toes crossed...
M

fred246

Just a quick question. Who's going to pay for the lawyer to draw up the agreement? Probably cost more than a car.