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Does it help to have a co signer for an auto loan if you have bad credit?
Wiki User
∙ 14y ago
If you have bed credit, sometimes having a cosigner is the only way you can get an auto loan. The people who lend you the money so you can purchase the car want their money back with interest. If you have bad credit, they may think you will not pay them back. They may think your cosigner does not want his credit ruined and will pay them back. So, while they would not give you an auto loan, they would give you an auto loan with a cosigner who has good credit.
Wiki User
∙ 14y ago
Wiki User
∙ 12y agoYes of course you can get a car loan without cosigner if you have bad credit, you have to just find some websites who provide car loans without bad credit and no cosigner simple and fill out the small form there that's it they will contact you within 2 business days.
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Does the co-signer for your auto loan have to live with you?
No. For the best results credit-wise, the co-signer of your loan should have a great credit record, however, they do not have to live with you.
Do you need a co-signer to get a auto loan?
That would depend on your age and credit rating and the rules of the loan company.
How can a co-signer with perfect credit help you get a mortgage loan when you have bad credit?
They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.
When you have a cosigner on an auto loan is your credit considered at all?
yes, the reason for the co-signer is either due to lack of credit or the possibility of insufficient income to repay the loan
How can you get off a auto-loan as a co-signer?
The loan needs to be re-financed and be assumed solely by the person who originated the loan. The original person will need to have a worthy credit rating in order to escape the need for a co-signer.
Will the lender check the co-signers credit?
Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.
Will an auto loan that has multiple borrowers appear on each of the borrowers credit reports?
Yes. If there are multiple borrowers responsible for the loan, regardless of how they are part of the loan (either co-signer or a joint borrower), the status of the auto loan will appear on their respective credit reports. However, if the auto loan is guaranteed by another person other than the borrower, the guarantor will NOT have the auto loan appear on their credit report UNLESS the loan goes into default.
Will your credit score go up with a co signer?
Basically no not right away ... but if you pay the loan on time every month THAT will help your credit score. Now if you mean will it help you get the loan .. then YES .. the loan company will use your co-signers credit score to help them decide if you can be given the loan
How can a co-signer remove a charge off on a car loan to purchase a home?
A co-signer is just as responsible for the auto loan as the signer is. If they did not pay then you were supposed to. That is what happens when people co-sign. The only way is to challenge the credit bureaus. You can get the directions from each of their websites.
Who get credit on Joint car loan how get credit score?
On a joint car loan, no one is increasing their credit score. This is usually the case when one signer is weak to get approved and require a co-signer. Co-signer is financially responsible for the car loan if signer default on the loan. For more information you can try this web site at http://www.autocreditfinancial.ca
Can you have a co-signer from another state for an auto loan if you're a student with no credit history?
yes. all forms must be notarized.
Does the APR go down if you have a cosigner for an auto loan?
yes it does, it will go down even more if the co signer has good credit.
