asked about Buy Car

about 4 years ago

Do I need a guarantor when I apply for loan to buy a new car?

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Jake

When you apply for a loan to purchase a new car, financial institutions usually have a set of minimum requirements to assess your eligibility. The common minimum requirements are:

- $2,000 of monthly income

- No trace of bankruptcy

- Age not exceeding 65 years old

If you fulfil the above requirements, normally, you wouldn't need a guarantor to secure the loan. Do note that different financial institutions have different requirements, so it is still better to enquire with them directly.

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about 4 years ago