if we buy a car at the same time will that be a problem?
2007-03-20 14:48:03 · 4 answers · asked by natesg3507 1 in Business & Finance ➔ Credit
No this will not be a problem. It takes 30-45 days for a account to show up on your credit reports. So all you have to do is get approved and purchase both vehicles in the same 30 day period and you should be fine.
Now on the other hand this will adversely effect your co-signers credit because their debt to income will go up a lot since they will be on both loans.
I have sold people up to three vehicles in one month doing this and it's never been a problem.
2007-03-21 03:01:14 · answer #1 · answered by ? 7 · 0⤊ 0⤋
You might be someone important in the life of the co-signer because he trusts you with something as important as his/her credit history. Make sure the name of the co-signer is in the title/registration of the car, and then if you stop paying he can go after you in a civil lawsuit for breach of contract, fraud and take away the car from you.
2007-03-24 06:35:53 · answer #2 · answered by The Avenger 1 · 0⤊ 0⤋
Nope. The only problem I foresee occuring is when the relationship between you and your co-signor erodes when you start to miss payments and jack up his/her FICO score in the process.
Good luck.
2007-03-20 22:37:59 · answer #3 · answered by DaMan 5 · 0⤊ 0⤋
They would have to qualify for both of them combined.
2007-03-20 15:02:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋