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Will putting a big down payment on a car suffice even if you have a poor credit rating and a co-signer that has OK credit?
Wiki User
∙ 8y ago
If you have a job that pay's $1400or more a month and your 18 or older you could get financed on your on,with 70% down.i have been in the auto businessfor 15 years and can help you make the right decisionsmy name is Steve haynes 1-800-489-2070
Wiki User
∙ 8y ago
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Does a cosigner have to have a job?
No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.
Which states' lenders are supposed to notify the cosigner before reporting a late payment to credit bureaus?
None
If we have bad credit will a cosigner help us get a mortgage?
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.
How long does a company have to inform a cosigner that the borrower is in default in payment?
It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.
Whose credit score is used when you cosign for a loan?
The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!
Will a cosigner's credit history appear on your credit report?
No
How is a cosigner affected when the primary signer is late on a payment?
The late payment(s) will show on the co-signer's credit report. If the loan defaults, the company can look for the co-signer to pay the remainder. Co-signing is very risky if the primary borrower has poor credit--it reflects poor payment habits.
If you get a cosigner when purchasing a car will it show up in your credit report or the cosigner's credit report?
It will appear on the CR of both parties.
I just bought a new car but two days later the dealership called and said i need a cosigner I found one and they have very good credit should my APR and monthly payment go down with a cosigner?
No because you applied for the loan with YOUR credit. For whatever reason (you have the right to find out why) the dealership decided you were too big of a risk to be granted the loan you requested. The purpose of the cosigner is that in case you mess up your cosigner will be responsible for the loan.
As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?
Nope.
Can a Cosigner have little or no Credit?
Yes.
Can a person with bad credit get unsecured loans or will he need a cosigner?
Surprisingly, even a person with a bankruptcy can often get small unsecured loans with a couple years of good payment history. Other loans will need a cosigner or may be totally unavailable, though.
