Vehicle Finance Surety question ?

[Treschen]

Hi all

Need some advice on being surety for a family member for vehicle finance.

After signing as surety will my applications for vehicle finance or home loans be affected in any way ? as compared to if i was not standing as surety ?

Thanks in advance

 

[supersunbird]

Well, I "think" that possible debt will have to be listed when applying for finance. Just like you have to note your R30 000 credit card when applying for finance, even if you don't owe anything on the credit card.

 

[HapticSimian]

In a word, yes. I don't quite know how the banks weight all the different factors, but basically you'll still need to be able to service any agreements you personally enter into even if your family member's goes south.