Guarantor for car finance

[creditfeck]

Anyone done this for their DC?

Mine has asked me. He's 19 and working FT.

I can afford the missed payments, but it's the worry of not knowing if he's missed one and it affecting my credit. I have laboured the point about my credit and therefore my mortgage being affected. So I have told him he will need to show me every month that he has made the payment, but I still feel nervous.

Has it worked out okay for other doing so?

Also, am I signing up to be guarantor for the duration, or can I be taken off after a period of him sustaining the payments? I'm thinking probably not?

Once a guarantor it lasts until the end of the terms signed for. . Why not you pay it and ds send you the cash?

Thanks for replying.

If I'm guarantor, is it not benefitting him any way in terms of his own credit rating?

If not, then I suppose me paying it and him sending me the money would put my mind at rest.

If there's any benefit to his own credit, I'd like to see him paying.

What's the interest rate? If its worse than you'd get, you might as well take the finance out yourself as its effectively the same responsibility on you but more expensive.

If your DS wants to build a credit rating he can do this separately for free by getting a credit builder card and using it to buy the petrol for his car.

Then he also sets up a standing order to pay you for the car payments.

How secure is his income and how likely is he to change his career/life path?

It will be a bit of a millstone if he wants to travel or move out and live somewhere he doesn't need a car during the period he's paying for the car?

Is he also saving so he can pay for repairs, servicing and his next car without borrowing because he should be.