Guarantor...do I really need one if I travel a lot?

[Astronyu]

Hi guys, not really sure where to post this topic.I just need some advice. If you read my previous post, I am in the middle of buying a 525i from a fellow member here. Everything seems to be okay so far and waiting to proceed with my bank loan.However, just finished a phone conversation with the sales exec who're handling my loan, she said as I'm working offshore and often goes overseas, the bank might require me to have a guarantor or it might not get approved. I thought guarantor is only needed if I have bad credit which I don't.So, seeing as some of you guys here also came from offshore, pilot and people-who-travel-overseas-a-lot background, can you shed some light if this is truly needed? Finding a guarantor is not the thing I like to do to be honest.

 

[Anthony5785]

Hi there,

It is depends on what bank you are looking for. I have face such scenario many times and i had confirm with the bank on this many time.

- You need a guarantor unless you have a low salary income even you do not have any commitment.
- Just start working come with low salary.
- Underage or just reach 18 yrs which require parents to become their guarantor.

My theory is easy, you are the bank client (customer), if you are not desperate to buy the car, why not just tell them to change the bank till you get the best offer and lowest intrest rate? which you have the right to do so... or tell them off straight away to buy from others shop. Normally those dealers & bank scared ppl on such matter and try to think, if the bank reject they sure loose one client and anyway they sure push for it to make the transaction success right ?....

Travelling is the job nature and sales also travelling...people can call to offshore rig and normally they say offshore rig cannot be contacted and etc....the golden rules in offshore is communication...which depend you are as a contractor or the end user of it.....i use to work in offshore too....heheh

 

[Astronyu]

I see, I now settled with my wife's being my guarantor as the car which I bought is for her anyway.
Just that it kind of a hassle to get a guarantor.