How does cosigning for an auto loan affect your ability to get your own auto loan?
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.
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.
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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…
After cosigning on an auto loan and that car is traded in are you still the cosigner on the new vehicle?
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.
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?
If you file bankruptcy return the auto can the bank go after your cosigner for the difference between what you owed and what they auctioned it for?
If there are two owners on a auto title and only one signs for a auto title loan and dies is the other person responsible for paying balance of loan?
Cosigning for auto loans i am the primary on my sons auto loan he is behind and I have the title but do not know where the car is how can I get it back?
I do not understand how you can be in posession of the title when the vehicle is financed. The vehicle title is always held by the finance company until all payments are made and the loan balance is paid in full. As for locating the vehicle you will need to talk to your son, or let the finance company repo experts locate it and get it back then.
If you want to help your teen by cosigning for an auto leasing loan and the auto dealership approves what happens if you file Chapter 7 shortly after?
No, you do not need copies, but can easily get copies by asking for them. Your first mistake was cosigning the loan. You are now responsible for this loan and you better pray he makes the payments on time. IMO, cosigning for a loan on anyone other than family is foolish at best. You may end up loosing a friend and lots of money to boot.
if you obtain a credit card with a high limit it will not affect your credit as long as the card is in good standings .. however if the card is maxed out it could affect your credit score wich will intern stop you from getting a loan. although it may not stop you from getting your loan but it will affect your interst rates
Chances are you will not be able to remove yourself from responsibility for any loan you cosign until the loan is paid in full. Remember, the borrower needed you to cosign because he didn't have credit, or had bad credit and was not considered by the lender to be a suitable risk. By cosigning, you are actually taking full responsibility for repaying the loan. There are a few situations where a lender may agree to…
Typically, yes. When a person co-signs a loan they are EQUALLY responsible for the debt. When one party files for bankruptcy they are not going to be responsible for payment unless it falls within a category of non dischargeable debts (in which case they would) but you should let them know of the almost certain liability. Beyond the requirement to pay for the debt, the cosigner may also have to pay late fees or collection…
Unfortunately yes, and not paying the debt will result in tremendous negative consequences for you. Below are a list of some problems specifically associated with co-signing a loan that becomes subject to a bankruptcy proceeding. * If the primary borrower does not pay his debt, you will have to. In some states, the creditor can come straight to you, as a cosigner, before going to the borrower. * You may also have to pay late…