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Motor Finance

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  • 10-08-2009 7:40pm
    #1
    LarM
    Closed Accounts Posts: 18 ✭


    Hi guys and gals,

    I have a quick question for you;

    I was provisionally approved today for a car loan to the tune of €12000 with PermanentTSB, but as this is my first loan (I've avoided them in the past and its come back to bite me in the arse!) I need a guaranteur for it to go ahead. I wouldnt feel comfortable in asking a guaranteur to come in for me in case, god forbid, something happened and I was made redundant or became sick, the loan would effect mine and my guaranteurs credit rating.
    However, if i was to apply loan protection to my loan with a guaranteur and later on somehow did lose my job, would mine or my guaranteurs credit rating be effected? If not then I don't see why I shouldn't ask a parent or a friend to guaranteur it for me, as they shouldn't be in trouble... is this correct?

    Thanks in advance for any help people! much appreciated,

    Larry.
    Tagged:


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    #2
    pog it
    Registered Users Posts: 2,912 ✭✭✭pog it


    Yeah you're right. Far as I know if you pay for the loan protection then you are covered for accidents, redundancy, etc. but they are strict conditions and the bank only pay up in serious situations (the ones that you sign up to) and you have to let them know with x amount of notice. But yeah it would reassure your guarantor if you have loan protection!


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    #3
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Hang on - Doesn't the loan protection only last for a certain amount of time. i.e. 6 months. In this case your friend or family member would then have to pay.


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    #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    I don't understand if it's car loan why PTSB wouldn't be happy with the car as security? Sure car prices are what they are at the moment but to me the need for a guarentor + security of the car sounds excessive.


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    #5
    LarM
    Closed Accounts Posts: 18 ✭LarM


    Doesn't the loan protection only last for a certain amount of time. i.e. 6 months. In this case your friend or family member would then have to pay.

    yes, afaik that is the case. i find it a bit of a pain for the need for a guarantor, it makes me feel like i'm 18! i have a decent amount of savings with ptsb which is a transfer by direct debit from my current account.... and these savings transfers per month are double the amount i would need to pay in finance per month. even if i was stuck, the savings could even cover the cost of the repayments for quite a long time. i can only assume that the need for a guarantor is in case of redundancy.


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