When you get a co-signer for a car loan, how do they analyze their credit?

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When you get a co-signer for a car loan, how do they analyze their credit?

Do they look at their debt or do they just base the approval or denial on their over all credit score?

2007-03-29 13:15:47 · 3 answers · asked by monica b 1 in Business & Finance ➔ Credit

3 answers

Logically, they would want to look at their credit score and income and current debts. They would want to know if that co-signer could make the payments if you defaulted.

2007-03-29 13:32:41 · answer #1 · answered by Uncle Pennybags 7 · 0⤊ 0⤋

They analyze their credit the same exact way that the buyers credit would be analyzed. After all, a co-signer is legally responsible for the loan if the buyer defaulted on the loan payments.

2007-03-29 20:25:17 · answer #2 · answered by Nancy m 2 · 0⤊ 0⤋

I just tried it and got denied. They told me its a split 50% for both applicants.

2007-03-29 23:35:24 · answer #3 · answered by This is Fun 2 · 0⤊ 0⤋