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Never cosign a loan.

While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.

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โˆ™ 2010-07-14 16:39:06
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Q: How does cosigning for an auto loan affect your ability to get your own auto loan?
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Related questions

Will cosigning a loan effect your ability to get a loan?

Yes, it will affect your debt to income ratio.


How does cosigning for a car loan affect your credit?

No.


Does your bad credit rating affect your children if they want a loan?

only if your cosigning


Can you cosign for a auto loan in Pennsylvania without ever having a drivers license?

Cosigning on a loan has nothing to do with having a drivers lincense. You are just agreeing to pay the loan if the primary person does not. You are not driving the car. The only thing a lender is interested in is your ability to pay the loan.


If you co-sign on an auto loan are you required to be on the title in Pennsylvania?

No, a cosigner generally has no legal rights to the property that they are cosigning for.


Does your credit score drop after cosigning on a loan due to the amount of the loan?

Yes.


Does cosigning on a loan affect the cosigner's purchasing power?

Yes since it will show up on your credit record as your debt. You are fully responsible for any loan that you co-sign.


Would cosigning a car loan hurt you for a mortgage?

It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.


When cosigning for someone does the bank notify you on the borrowers credit affairs?

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How do you repair the damage on your credit report from cosigning a bad loan?

TIME!


Will it affect your ability to get a loan if you cosigned for someone else?

Be very cautious about co-signing for a loan. If the primary borrower defaults, you are responsible for the loan payment. It also may affect your ability to get a loan if your debt to income ratio is already high.


How much will cosigning a student loan lower your credit score?

Hi-Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign.The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high.Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.


After cosigning on an auto loan and that car is traded in are you still the cosigner on the new vehicle?

No. You are only cosigner on the one vehicle you signed for. All bets are off once the car is traded.


Does cosigning a loan affect your credit the same as being the primary person on a loan?

Yes if you co-sign for a vehicle you are just as liable as the primary person so if they dont pay you have to pay or both your credits are hurt


Will an auto repossession affect your chances of getting a loan for graduate school?

Only if you are getting a private loan. If you get a government loan it will not affect it since they will only hold govenment debt against you.


Can someone without a driver's license co sign on an auto loan?

Yes, the lender is looking for the ability to pay, not the ability to drive.


How can someone be released from cosigning a mortgage loan without ruining their credit?

The only way to be removed from the obligation of cosigner is for the loan to be refinanced.


What do you need to co-sign for a car in Florida?

There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.


Are four wheelers under auto loan or personal loan?

Auto Loan


Does cosigning mortgage papers and not loan papers constitute ownership?

The title to the property is what defines ownership. The person cosigning a loan has no rights to the property unless their name is also on the General Warranty Deed/title.


How does cosigning on a mortgage work?

You assume responsibility for a loan for a house. It is not a recommended thing to do, because non payment can affect your credit rating. Also, the amount of the loan affects your debt to income ratio, so you may have a problem borrowing on your own behalf.


What does it mean to cosign on a savings account?

It's like cosigning a loan. It puts you at partial responsibility for the account.


Cosigned on auto loan for son while married with high income now divorced with wage of 500 mo no way to make more loan is in default can they take my savings IRA etc?

Cosigning the loan makes you responsible to pay if signer does not. They can garnish your wages and get a court order to garnish bank accounts.


Does paying off your auto loan affect your credit score?

Yes, for the better. Any loan that is paid on time or paid off is a plus.


Does cosigning a loan go on your credit report if the loan is in good standing?

Your cosigner's credit report should also reflect the loan. In this case, it should show as paid on time as agreed.