Help on getting bank loan with a Gurantor

Discussion in 'Off-Topic Lounge' started by Pfit Group, May 14, 2017.

  1. Pfit Group

    Pfit Group

    Joined:
    May 14, 2017
    Messages:
    1
    Likes Received:
    0
    hi ,im stuck with a problem ,im trying to get a loan for a car 15000 , i make about 600 per week ,,i get no payslips (cash) have a credit union account with 1500 in it ,,can i get a loan off bank with a gurantor who can well cover cost ,,or where should i look
     
    Pfit Group, May 14, 2017
    #1
    1. Advertisements

  2. Pfit Group

    kirby VIP Member

    Joined:
    May 12, 2011
    Messages:
    1,421
    Likes Received:
    196
    Look for a less expensive car. You can't afford that car.
     
    kirby, May 16, 2017
    #2
    1. Advertisements

  3. Pfit Group

    Steve-LevelUp VIP Member

    Joined:
    Jul 18, 2016
    Messages:
    298
    Likes Received:
    42
    Unfortunately, banks are reluctant to give out loans to those that do not have steady, reported income. Banks like verifying income by seeing it show up in our account regularly, as well as being able to confirm it.

    If you have someone co-sign for you, it might work, but more than likely this person will need to take on the debt fully. It's a tricky arrangement, but certainly nothing wrong with it. You could then pay this friend every month for the car payment which they then make to the bank. They would be directly responsible for paying the bank, even if you don't pay them.

    I recommend doing without and buying a cheaper car in full for cash until you get approved for a loan, or you've saved up $15k.
     
    Steve-LevelUp, Jun 2, 2017
    #3
    1. Advertisements

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments (here). After that, you can post your question and our members will help you out.