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∙ 11y ago
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If you gat a car with a cosigner and your 17 at the time can you have the car put in your name and get credit for the payments being made when you turn 18?
The terms of the loan are between the bank, and you and your cosigner. To remove the cosigner, the bank would have to agree to pay off the loan and issue a new loan in your name only. Since the value of the car has probably decreased faster than you are paying down the loan, it is unlikely that there is any credit being generated.
Can a cosigner purchase a new vehicle even though he has co-signed?
Yes. A cosigner can purchase as many vehicles as a lender well allow. Of course it depends on your income and credit rating as to whether or not the lenders will extend you any more credit. The loan you cosigned for is on your credit and will be taken into consideration when the lender looks at your credit to determine your elligability for a car loan.
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.
Which is an example of a person using credit in order to obtain something?
Adam goes to a car dealer and gets a loan to buy a new car. ( STUDY ISLAND)
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 trading in a car affect your credit?
Trading in a car does not affect your credit unless you sign a new car loan and get a new car. This may negatively or positively effect your credit.
Do you need your cosigner to sign when you refinance?
If you need a cosigner they must sign because a co-signer is a person who accepts responsibility for repayment of a loan, credit card or other debt along with the original borrower. However, if the institution giving you the new loan doesn't require a cosigner, you don't need to have the cosigner on your original loan sign anything.
Can you buy a brand new car at the age 18 in ontario?
Technically yes. However, you would have to either pay cash or get financing. Most 18 year olds don't have enough money to buy a car outright, and since your credit probably is not built up, you would need a cosigner to get a loan.
Do you get tax credit on a trade for a used car?
is there a tax credit when trading in your used car when purchasing a new one
How difficult will be getting an auto loan without a cosigner and no credit history?
Depending on the car lot you go to they may carry there own contracts, the downfall is they dont carry high quality vehicles. As for new cars all you can do it try. You may have good chances
Does buy a new car help get credit?
Only if you make every payment on time. If you mean paying cash for as new car, no that does not improve your credit score
Can a cosigner get out of a used car contract in the first 3 days?
No, the buyers remorse law does not apply to the purchase of a new or used vehicle.
