Should I be a guarantor?

[Deleted User]

NO; never, not at all, under NO circumstances

He has a poor history for a reason, or maybe many reasons.

[Deleted User]

"Neither a borrower nor a lender be ...."
Get him to save up, and if you want to help him that's up to you.

DCFC79

If the 2 of you split up it could get messy. I wouldn't want to go there.

PasturesNew

Don't do it. Apart from anything else, regardless of what you think right now, there's a chance he might get the car, feel fabulous, attract a new girly, take her out in the car ... and before you know it you're dumped and he stops paying ... you get the nasty letters from the finance company as you see him/her swanning round town in his new car.

Then how'd you feel about it?

jonesMUFCforever

lemonpeel wrote: »

Hello

I wondered if someone could give me a little advice.

My boyfriend is looking to buy a car on finance, but as his credit history is rather poor, I am considering being a guarantor for him.

I understand the implications of being a guarantor and have no doubt that the repayments will be made each month, so have no qualms there.

If the payments did for any reason faulter and I become liable for the amount owed, would the car become legally mine or would this still be owned by my other half?
Also, I already have my own car finance in my name, so would this likely cause an issue with me being a guarantor?

Thanks

The car would be his, the debt would be YOURS.

atolaas

Been there, done that...don't recommend it!! He did a Houdini with the car and left me to pick up the bill. Yes, we had been in a relationship for 3 years & living together. I've just about got the word MUG erased from my forehead 5 years later!!

Carrieanne

Another vote for don't become a guarantor!

I don't care if the beau is a cross between Leonardo Di Caprio and George Clooney - use your noggin and not your fanny when making this decision.

DebtFreeDebbie

+1 to the above replies. I've been in a similar situation in the past, and the 'What's the worst that could happen?' came back to bite me big time. Turns out a lot can happen, and not all of it is good. As others have mentioned, if you really want to help out, then get a loan yourself and have him pay you back. Though the poor credit history should probably tell you a lot about whether that will happen...

MEM62

lemonpeel wrote: »

Hello

I wondered if someone could give me a little advice.

My boyfriend is looking to buy a car on finance, but as his credit history is rather poor, I am considering being a guarantor for him. Oh dear........

I understand the implications of being a guarantor and have no doubt that the repayments will be made each month, so have no qualms there.
Until he stops making payments and/or the relationship breaks down and you get landed with the debt and possibly some bad markers on your credit history.

If the payments did for any reason faulter and I become liable for the amount owed, would the car become legally mine or would this still be owned by my other half?
The car would probably still be his. Either way, you would be unlikely to secure physical possession of it when things go wrong.
Also, I already have my own car finance in my name, so would this likely cause an issue with me being a guarantor?
That depends on how much finance you have outstanding and the level of your income.

Thanks

If you read any of the threads on here regarding being a guarantor you would not even be asking the question. You boyfriend has a poor history and therefore lenders see him a high risk. Are you sure you know better?

MrsTinks

As mentioned - if you want to pay this car for him AND can afford to do so if/when she stops paying - then get a normal loan at a better rate. Put in place a proper contract between the pair of you and YOU buy the car, any receipt is for you to buy it, you put in writing that it remains your property until the loan for the vehicle is cleared. That way should he scarper you still own the car and can sell it to cover a large chunk of the debt and you can pursue him (for what it's worth) through a CCJ to get the rest back (eventually... maybe)

It would however protect you far better.

In reality however then honestly NO don't do this. I don't care if you have known him since you were 5 years old and grew up with his parents, shared nits at school or anything else.
You don't guarantor a loan for anyone - including kids or parents! Not unless you are prepared to loose that amount of money and can afford to!