Can we stand as guarantors for our son in law who has a bad credit rating to buy a new car?

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He needs to change his car but cant get a loan as he has a bad credit rating,we have a good credit rating but my husband feels it may affect our chances of getting a loan.Is there any way we could help without actually borrowing money in our name?Where we would be the guarantor to enable him to get credit for a new car?He really is desperate as he needs a reliable car for work.

Can we stand as guarantors for our son in law who has a bad credit rating to buy a new car?

You can be a guarantor (co-sign) for your son in-law but

this debt will still show up on your own credit report and is

an obligation because if he does not pay, you will have

to pay. Because of the liability there may be a reduction

of your FICO score

The impact of you and your husband being able to obtain

a future loan is dependent upon how high your FICO score is

and your income to debt ratio. Most banks will give you a

loan regardless of the income to debt ratio if your FICO

score is above 700

Check the link below, there are some handy FICO score

PDF files you can download and if you pay to get your

credit history and FICO scores, there is a page that

you can get to that will allow you to play what if's and see

what the actual impact is, but they are pretty minor

How do I know this, my FICO is over 700, I have 5 kids and

5 cars financed or co-signed in my name

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Can we stand as guarantors for our son in law who has a bad credit rating to buy a new car?

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