mikem33607
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sure, the amount of debt you are responsible for affects your credit. |
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caretaker
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If they are slow payers
if they stop paying etc
it all is on YOU
DONT |
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Stefanie B
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Yes. |
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Beetle Becca
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Possibly, in the following ways:
1. If the person on the loan defaults on his/her car payments. Those late marks will not just go on his/her credit report, but yours too!
2. Opening an auto loan will lower the average age of your credit accounts. "Length of credit history" factors into your FICO score, so generally opening new accounts will lower your score(at least at first) a little bit because a new account = 0 mos. old = reduces the average age of your accounts. |
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dmvariety
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WARNING! Do not do it. Buy a used car with cash money. It is going to show you owe more money on your credit report and be considered if you deceide to invest in something. Cosigning they would have to give me just the interest alone before you sign. It could break up friendship too. Do not feel bad about saying NO! give them other options. You might as well say SUED! or i will buy the car for you. Good luck. If you do make sure you are getting the bills monthly too to make sure they are paying on time. Loook how much writing about this is; you will be writing letters to "Give me my money" |
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Snuffy
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consider it as your loan when applying for credit, because
you have the ultimate responsibility.
Be darn sure you can relay on whoever you co-sign for,
if their payments are late, it will reflect negatively on you. |
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BigBro Paul
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YES especially if he or she wont pay your loan. It will be reflected in you credit report and if he stopped paying you have the legal obligation to pay for it yourself.
Cosigning means you are giving assurance to the institution you are loaning that the person you cosign has the ability to pay his loan and your signature is their collateral that when he defaults you will take charge of the bills.
Be selective with whom you are countersigning. |
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Richard
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When it comes right down to it there is no such thing as a co-signer. When you sign that note you are signing a contract that says I will be as equally responsible as the other person. All co-signing means is Im also signing on this loan, it just happens Im signing second rather than first. It will have the same impact has if your name was the only one on the note.
This means on anything. Homes, cars, note loans, anything. The only difference would be if you got a mortgage loan and you was on the deed only, that is the only time you would not be responsible for the loan. However, if you were the co-signer on that loan, once again, you would be equally responsible for the payments and you would receive the good or the bad that came with however you made your payments, or the other guy made his/her payments.
There was a saying I learned a long time ago. A co-signer is a fool with a pen in his hand. |
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SPIFIMAN1
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If you co-sign a auto or any other type of loan you are responsible for the payment of that loan if the primary borrower defaults on the payments.
As far as credit is concerned, when you look at a credit bureau you have no way of knowing which person is the primary and which is the secondary. The loans are coded either with a J for joint or a C for co-sighed.
So if the person you co-sign for makes their payments late? It will reflect on your credit as a late payment also, and if they don't pay at all the lender will come after you for the full amount due.
I always recommend that people never, never, never so-sign for any loan that they are not ready, willing and able to make the payments. |
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beauty s
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only if they don't make the payments on time.. I would not do it |
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wizard
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yes |
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T F
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absolutely - especially if they do not pay and the car gets repoed - you are responsible to pay it off in full !!! |
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dslandau
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Yeah -- if the person you're co-signing for doesn't make the payments...and you'll be responsible. Don't do it. Even if it's for your mother. |
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