You will have the same BAD results as if you had co-signed for a total stranger. Anytime a loan is not paid,not paid on time or defaulted on, the credit results are BAD for anyone signatory to the loan.
Rather than ask your family to jeopardize their credit, why not get a debit card until you've built up your own credit? First, it assures family that you won't default on payments and make THEM pay, and second it lets YOU build up a credit score. It's far more mature as well.
yes - when you co-sign, you are guaranteeing the bank that they will be paid
The best place to get a car loan when you have no credit is at the local bank or credit union that you have had an account at for a prolonged period of time. If you've never belonged to a bank or credit union you can ask your family if they will cosign a loan at their financial institution.
To find someone to cosign a loan for you, consider asking family members, friends, or individuals with good credit and financial stability. Be sure to explain the responsibilities and risks involved in cosigning a loan. It's important to choose someone you trust and who understands the commitment they are making.
No. The husband of the family is responsible for everything that happens to or by the family members.
You will be responsible for the money.
You'd need to ask your friends and family. No one you don't know is going to cosign for you, and a lot of people you do know may turn you down also. Answer If you need someone to cosign a loan because you cannot obtain it on your own, you should not get a loan. All you are doing, in essence, is passing on the problem to another person, who will likely end up paying for both. Improve your habits and credit history and wait until you can do this on your own.
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You should contact your credit card companies to inform them of your situation and see if you can set up a payment plan or temporarily halt payments while you are incarcerated. It's advisable to have a trusted friend or family member manage your finances and make payments on your behalf if possible.
no you can not. the only person who can trade that car in is the person on the title no matter who has made payments on it jd wash state jaddemarco@yahoo.com
My sympathies to you and your family. If you, your husband or anyone else in the family didn't cosign for a loan for the car then the debt ends. If there was a cosigner then the cosigner is responsible for the debt. If your son was not a minor and took the loan out himself and he has left a Will or has anything of value this debt will be paid off or written off.
One possibility is to find a cosigner, someone who trusts you and has a good credit rating. Of course, when they come here and ask if they should cosign for you, I'm going to tell them they shouldn't do it unless they are willing to buy the car for you. Buy a beater car until you get firm on your feet, there is no shame in that. Of course some people say they have to have something safe for their family, it just so happens it has leather seats, navigation, onstar, 22 inch low pros and I can flip a switch and watch it drop!