When people buy a car, if they don't have sufficient funds, they often choose to take out a loan to buy a car. After all, not many people can afford hundreds of thousands or hundreds of thousands at once, so the pressure will be much less with a loan. However, some car owners do not have the personal qualifications to apply for a car loan and require a guarantor. What are the consequences of guaranteeing a car loan? What responsibilities does the guarantor need to bear? Let’s find out together.

What responsibilities are required to guarantee a car loan? There are two types of guarantee responsibilities that the guarantor of a car loan needs to bear. One is the general guarantee responsibility. When the car loan borrower is overdue and cannot repay the overdue loan, the guarantor needs to bear the repayment responsibility, but the guarantor can also The borrower refuses to repay before the property is enforced by the court; the other is joint and several guarantee liability. If the borrower fails to repay on time, the creditor can directly approach the guarantor to demand repayment, and the guarantor cannot refuse repayment.

What are the consequences of guaranteeing a car loan?

1. The need to repay other people’s debts affects the guarantor’s economic strength. If the car loan borrower is unable to repay the loan and cannot repay it after enforcement, no matter what kind of responsibilities the guarantor needs to bear, Repaying the loan on behalf of the car loan borrower and repaying the debt of others for no reason will undoubtedly affect your normal life.

2. When the guaranteed loan is overdue, it will affect the guarantor's credit report. Guaranteed loans generally require checking the guarantor's credit report, and the guarantor's credit report will also be checked. Therefore, once the guaranteed car loan is overdue, , there will also be overdue records on the guarantor's credit report, which will affect the guarantor's ability to apply for a loan. If the borrower never repays the loan and the guarantor is unable to repay the loan, the overdue information will always be retained on the credit report. If the overdue situation is serious, the guarantor will also be listed as a dishonest person subject to execution and will not be able to go to high-consumption places or work normally. Taking a plane or high-speed rail still affects normal life. I believe everyone already understands the consequences of guaranteeing a car loan. Guarantees are risky. If you don’t know the borrower well enough, I don’t recommend you become a guarantor.