2007-01-18 20:25:10 · 2 answers · asked by David H 1 in Cars & Transportation ➔ Buying & Selling
I'm not sure what the extent of your question is but there is no difficulty in co-signing. Obviously someone you know has applied for a car loan and their credit is not solid enough to be approved. The lender wants a backup source so they ask the applicant for a co-signer with an established credit history.
You should be aware that co-signing a loan means that you assume the financial responsibility even though you are not the primary borrower. If the person who buys the car is late making payments or doesn't pay at all...It affects YOUR credit.
It is not wise to co-sign for a car for anyone. Also many times dealers will intentionally trick the co-signer into signing and completing the documents instead of the primary borrower. They can make a good profit at your expense and there really is no benefit to you.
2007-01-19 02:22:20 · answer #1 · answered by James 1 · 0⤊ 0⤋
Say "Yes" when someone asks you to. But why would you possibly want to do that?
2007-01-19 07:15:04 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋