What To Do If Considerable Credit Is Required

To obtain a considerable credit (for car purchasing or mortgage), the student won’t manage to do it without parents’ assistant. Bank will hardly satisfy a person who studies and doesn’t work, but wishes to obtain an auto loan having shown a scholarship certificate therefore such borrower needs a guarantor. A positive decision of the bank won’t be influenced even by information on steady income which the student has. As the loan is very big the guarantor anyway is necessary, otherwise the bank won’t be confident in full reliability of the credited person.

Receiving the housing credit is similar. Young people younger than twenty five years old cannot even try to obtain a mortgage without guarantor because by this time their credit history is not long therefore banks won’t be able to trust them.  The applicant of housing credit needs not a guarantor but the person who will bear joint responsibility for refund of obtained money (co-borrower), this role is carried out usually by the student’s parents. It is necessary to understand that the income of co-borrower has to meet the requirements of the bank, i.e. to be such that it would be possible to pay the taken credit.

If the student wishes to obtain the credit for inexpensive equipment (laptop or mobile phone), the bank will give money for such credit and without guarantee, especially if the student brings a scholarship certificate. However if he wants to buy on credit expensive household appliances, a loan may not be given, having referred to bank risks of granting such credit.

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