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What are the duties of a guarantor?
When a person does not have good enough credit to secure a loan or financing on their own, they need a guarantor. A guarantor is a co-signer, and that means if the person taking out the loan does not make the payments, then the guarantor has to make the payments.
If a minor defaults on a loan does the guarantor have to repay the loan?
The guarantor is liable to pay the entire loan on demand of the creditor plus any collection fees.
What is grantor?
what is the responsibility of a grantor, putting up security example car if the person that has taken out the loan has not paid the loan off in full what is the responsibility of a guarantor
Is it leagal to sell car finance to a 19 year old in England?
is it legal to sell car finance to a 19 year old with out a guarantor in England
What is a grantor on a loan?
A guarantor is the person who agrees to pay on a debt of someone else if the person who guaranteed to pay defaults on the loan. A guarantor is a type of co-signer for the loan.
What is a person called who signs a loan with the borrower guaranteeing that the loan will be repaid?
A guarantor.
How do you use the word guarantor in a sentence?
His father acted as guarantor when he got the loan from the bank to buy the house.
What does it mean to have a guarantor on an auto loan?
A cosigner- someone who agreesto pay the loan if you default
Can you cancel an agreement being a guarantor?
No, you can not stop being a guarantor to an agreement while the terms of that agreement are in force. Thus if you are a guarantor for rent and the person your are guaranteeing fails to pay the rent - YOU must pay the rent.If you a guarantor to a loan and the person with the loan defaults, YOU must pay off the loan.This is what it means to be a guarantor - you can not get out of the agreement when things begin to go wrong.Think VERY carefully before being a guarantor to ANYTHING.
Can you sell a car that has a loan attached?
Yes, you can sell a car with a loan attached. You must pay off the loan with the money you receive in order to have a clear title or you must get someone to take over your loan.
Can a guarantor get their money back from someone who has defaulted on their loan?
No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.
Can you sale the car without the loan cosigner's permission?
If they are not on the Certificate of Title you can sell the car. However, generally, the Title is held by the lender until the loan is paid off. You cannot sell a car without the Certificate of Title.If they are not on the Certificate of Title you can sell the car. However, generally, the Title is held by the lender until the loan is paid off. You cannot sell a car without the Certificate of Title.If they are not on the Certificate of Title you can sell the car. However, generally, the Title is held by the lender until the loan is paid off. You cannot sell a car without the Certificate of Title.If they are not on the Certificate of Title you can sell the car. However, generally, the Title is held by the lender until the loan is paid off. You cannot sell a car without the Certificate of Title.
