i need help regarding the guarantor part..

[dmot]

must i get someone as a gurantor who is related to me or sumone else??

got age limit rite?

[Echo]

normally as long as above age of 21 and working full time, earning a min requirement of salary is good enough. think u might have to check with the shop itself for clearer details.

[gaoxing11]

most importantly holding onto a stable income.. gurantor tt are workin in sales or despatch line will not be considered... they say income not stable cannot be guarantor..

[kito]

well it depends on ur shop's criteria for guarantor dude..but from wat i noe,usually for guarantor he/she has to be 21 yrs old,not an immediate family member, and earnings must be more that $1200/stable job.. but maybe if u noe someone who has really tight connections wif e shop,something can be worked out dude!!

[Strong Eagle]

must i get someone as a gurantor who is related to me or sumone else??

got age limit rite?

 

A guarantor is someone that guarantees that they will be personally responsible for the loan if you fail to make payments. So,

 

a) The guarantor has to trust you enough to actually believe you will make your payments because he/she is taking on a significant financial risk by guaranteeing to make your payments if you do not.

 

b) Since they are guaranteeing to make payments if you do not, the shop making the loan will want to know that the person can actually make the payments if you fail to do so. The guarantor must show that they can cover all their current expenses AND the amount they must pay if you fail to pay. Or, the guarantor must show that they have sufficient assets, preferably liquid, to pay off the loan if you do not pay. So, a guy making 2K and working for only 3 weeks in a job where turnover is high will probably not qualify; no credit history and insufficient income.

 

Personally I would never be a guarantor for anyone except family, and even then it is a risky business. There are plenty of threads on SBF where guarantors have been seriously burned and they have no recourse except to pay off the loan for a bike that they might not even know where it is.

[RESPECT]

i believe parents are the best!

so yeah.

[DM]

best not to be a gurantor for your good friend. even best friends can fall out over money issues real easy..