Things to know!Before thinking of guarantees the car for anyoneIf you don’t want to suffer hard

Before you decide to guarantee the car for someone You should know all the relevant questions. In order to make the decision correctly and without suffering later. Car guarantee risk Car guarantee for others There is a risk that you will be responsible for the debt that the borrower cannot repay. If the borrower defaits […]

Before you decide to guarantee the car for someone
You should know all the relevant questions.
In order to make the decision correctly and without suffering later.

1. Car guarantee risk

Car guarantee for others
There is a risk that you will be responsible for the debt that the borrower cannot repay.
If the borrower defaits debt paymentOr cannot pay the debt
You, as the guarantor must pay the debt instead.
Which may affect your financial and credit status

2. Risk assessment of the borrower

Before deciding to guarantee the car for anyone
You should carefully assess the risk of the borrower.By considering the financial history
Professional securityAnd the ability to pay the borrowers
If you think that the borrower has a high risk of default
You should consider carefully again before deciding to guarantee the car.

3. Car insurance contract

If you decide to guarantee the car for someone
You should make a car guarantee contract correctly.
In order to have evidence to protect your rights
In the car guarantee contract, various conditions should be clearly identified, such as the amount of guarantees.
The binding of the guarantorAnd how to pay the debt

4. Follow up on the borrower’s repayment status

After you guaranteed the car
You should closely monitor the borrowers’ repayment status.
If the borrower has a default behavior, debt or tend to default
You should proceed with the car guarantee contract immediately.
In order to reduce the risk of your property loss

5. Car insurance prevention

There are various ways.
That you can use to reduce the risk related to car guarantees, such as

• Request additional securities from borrowers
• Buy car insurance
• Signed a car guarantee contract with your liability conditions