Guarantor Loans

Jayy · Mr. Ponzi Joined: 08 Jun 2009 Karma :

I'm looking for a new bike but I'm pouring cash into running a house and can't afford to lay out the full amount on a new bike. I also can't get finance/loans/credit cards because I have loads of missed payments and bank charges on my credit report.

My dad mentioned something about being a guarantor for a loan. I can pay off the repayments no problem but nobody will lend me the money in the first place.

Anyone ever done this or know of any companies that will accept a guarantor?

Wafer_Thin_Ham · Super Spammer Joined: 18 Nov 2005 Karma :

Can't you secure the loan on your property?

You could just get your dad to take the loan out in his name. Wink

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Jayy · Mr. Ponzi Joined: 08 Jun 2009 Karma :

I can't secure it against the property for other reasons. My dad wouldn't take it out in his name incase I miss payments and fuck his credit score up. As far as I'm aware, it wouldn't affect his credit rating if I were to miss a payment, it would affect mine but he would have to pay the missing payment.

MarJay · But it's British! Joined: 15 Sep 2003 Karma :

If I were you I'd save the money and try to sort out your credit rating, before taking out further credit when you clearly have lots of difficulties in managing it in the first place. Not wanting to sound rude, but your asking us for ways that you can borrow money because the bank won't lend you money because you don't pay it back?

If I were a bank manager (or your father) I'd not lend you money based on that record.

Just be glad the Bank manager doesn't know your brother, or his proposed method of getting car 'insurance'! Wink

Seriously, bikes aren't a necessity. Put up with what you've got until you can afford to buy something better.

I actually do not think banks will offer guarantor loans in the current economic climate. The banks might be greedy, but even they obey the maxim "Once bitten twice shy". If they do offer you a guarantor loan it will be at an extortionate interest rate.
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Ste · Not Work Safe Joined: 01 Sep 2002 Karma :

Jayy · Mr. Ponzi Joined: 08 Jun 2009 Karma :

BlackStallion · Crazy Courier Joined: 21 May 2009 Karma :

Jayy · Mr. Ponzi Joined: 08 Jun 2009 Karma :

It's no joke, people round here refer to me as Pablo Escobar.

Carl_steveo · World Chat Champion Joined: 23 Jun 2008 Karma :

If your dad would have to pay the payment as a guarantor then he might aswell get the loan in his name and make the payment if you miss it anyway.

Either way if you don't make the payment he would have to pay it.
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dannytyker · L Plate Warrior Joined: 18 Feb 2010 Karma :

Jayy · Mr. Ponzi Joined: 08 Jun 2009 Karma :

I didn't realise, I thought you could just apply for a loan with one of the big banks and say I want to have someone be a guarantor on the loan.

Looking into that link and few others, seems like a stupid idea. Probably just persuade my dad to take a loan out in April for the difference of what I don't have. It's only me thinking I could have a nice 2004/05 blade or r1 next week. It would be nice but it's not so important that I'm going to commit to a stupidly high APR loan for the priviledge.

Who knows, I may have the full amount come April and not need one. Thanks for the help guys.

dannytyker · L Plate Warrior Joined: 18 Feb 2010 Karma :

Yeah that's the best idea. Dunno why the hell the post was removed - especially as it actually helped you. Moron nazi mods.

Hetzer · Super Spammer Joined: 19 Feb 2007 Karma :