Banky team Reviewed editorial answerThe guarantee usually covers the existing obligation within the limits of the guarantee contract, but you can't assume your liability has decreased by the percentage of installments paid without reading the guarantee's scope.
Key points
Ask the bank for a recent debt statement and a copy of the guarantee clause: does it only cover the principal, or do it also include other expenses and obligations?
The figure provided should be the basis for your decision.
The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.