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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.
What is guarantor?
A guarantor is what the bank requires when the loan applicant doesn't have good enough credit or income to obtain a loan on their own. It's the co-signer who guarantees that the loan will be paid. If the initial borrower fails to make the payments then the guarantor must pay the loan in full. If they don't then their credit record will be ruined and the bank may seek a judgment to attach their assets to satisfy the debt. Being a guarantor or co-signer on another person's debt is extremely risky. If you decide to do so then you should make certain that your name is also on the title to the property that is being financed in case you need to take possession if the borrower doesn't pay. When someone asks you to be a guarantor, make certain you understand your risk. _________________________________________________________ A guarantor is a Person or firm that endorses a three party agreement to guarantee that promises made by the first party (the principal) to the second party (client or lender) will be fulfilled, and assumes liability if the principal fails to fulfill them (defaults). In case of a default, the guarantor must compensate the lender or client, and usually acquires an immediate right of action against the principal for payments made under the guarantee.
Is it easier to get a home or auto loan?
It is easier to get an auto loan than a home loan. No matter which kind of loan your trying to get you should also compare several loan option to make sure you get the best home or auto loan available to you no matter what current financial circumstance you may have.
What is the phone number to make auto loan payments?
that depends on who your loan is through.Do you know what company you got the loan with?
I want to make sure I can be approved for an auto loan before I try to purchase a car. Is there a website with a good auto loan calculator that I can use?
Yeah, there are plenty of auto loan calculators out there, but I think bankrate.com has the best one. I used Capital One's auto loan calculator when I was looking for my new car, and it worked out well for me.
I put a down on my car and make all the payments. No credit to go on my own but now the other person is out of my life. How do you remove the primary on an auto loan and add a cosigner?
The only way to get the other persons name of the auto loan is if you finance there another lender. The other finance company pays off the amount left on the existing loan, and then form a new contract soley with you name on it. But what if you don't have the credit to get a loan in your own name?
If the cosigner of a auto loan files bankruptcy and the borrower can't make payments what happens to the auto and the balance of the loan?
Really simple: The loan goes into default and the car gets reposessed. In many car loans, the language in the contract ensures that in the event of default, the lender doesn't need to provide any more consideration and can take the car without worrying about the money left when default occured.
Can you refinance an auto loan before a year?
yes - you can refinance an auto loan at any time. You will want to make sure you current bank does not charge a prepayment penalty though.
How does a personal mortgage differ from a land contract?
A mortgage is a loan from a lending company or a bank, and usual the loan was the total cost. The loan customer then has to make payments to the bank . When a loan is obtained, a customer's credit score is taken into consideration and will determine the amount of interest the customer will have to pay on the loan. A land contract avoids the use of credits scores, and payments are made directly to the property owner until the contract has been satisfied.
What is the shortest number of months you can get a Citi auto loan for?
You can get a Citi auto loan for shorter months if you are willing to make big payments monthly. It all depends on your finance and what a person can afford to pay monthly.
How can one make a No Money Down Car Loan?
There are several companies that offer no money down car loans. Some of these companies are Fast Auto Loan Approval, Easy Auto Lenders, and Automotive.
Calculate Auto Loans Before You Decide?
Make sure to check exactly what you will be paying per month before you decide on an auto loan. To be sure you can afford the car you want to purchase, calculate auto loans by using an online loan calculator and selecting the term of the loan, interest rate, full amount of the loan, and any other charges you are aware of. Then, even before you search for a loan you will know what to expect, and if you need to choose another model of car you can do so before you even apply for an auto loan.
