2007-01-03 06:27:21 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Thank you for all your informative answers, I think I might not want to do that now. Thanks!
2007-01-03 08:32:38 · update #1
As a co-signer, you are subject to the same qualifications for the loan as the buyer. You will need good credit, and enough income to be able to pay both payments, as well as any other debt that you have.
It is possible, but be careful. If the buyer defaults, you have to make the payments, or else your credit will be severely damaged!
2007-01-03 06:32:52 · answer #1 · answered by fire4511 7 · 1⤊ 1⤋
If your credit is good enough... but why would you want to?
I'm assuming that you have your own car payment. If the person whom you are co-signing for fails to pay then you are responsible. Could you really pay for three car notes along with all your other bills?
You may think this is an unlikely scenario, but if someone is needing you to co-sign in the first place then the liklyhood of them needing additional help in the future isn't so far fetched.
2007-01-03 14:36:41 · answer #2 · answered by ? 2 · 1⤊ 0⤋
Outside of the previously stated obvious concerns, the most important thing to remember is that even if you know this person will pay the bills, this co-signed purchase will affect your debt to income ratio, potentially your credit score, and at some point if you yourself need to get a loan in the future you may be declined due to excessive debt already.
2007-01-03 16:01:26 · answer #3 · answered by kpotter47 3 · 0⤊ 0⤋
If your credit is strong enough. And if you're that gullible!
Why would you possibly want to cosign for 2 car loans? Do you really want to be responsible for 2 loans and have all that drain on your credit rating?
IMHO, that's not smart financial management!
2007-01-03 14:38:44 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Yes
2007-01-03 14:33:19 · answer #5 · answered by merlin 2 · 0⤊ 1⤋