Arthur the following may help!
Going guarrantee for a car loan .........often results in pain with a default on the loan!
Let him take out a loan with a finance company higher interest but your friend can pay out the loan sooner than the contract date and he will be entitled to a refund on the balance of interest due!
So the interest he finally pays will depend on his
commitment to paying off the loan.If he does a good job he will earn a credit rating for himself for future loans so you will really be doing him a favour
in the long term!
regards rcj
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