My cousin can't afford the car payments and wants to add my name to the car loan. Can that be done without refinancing? Will it affect her credit in anyway? Thanks in advance for any and all help.
2007-04-09 04:00:11 · 3 answers · asked by N.W. 1 in Cars & Transportation ➔ Buying & Selling
You will need to write a new loan. I dont recommend doing it, unless you can use the extra car, plus can afford the payment(including insurance). Itll affect YOUR credit more than hers. If she cant afford the payments now, she wont afford them any better, once you are responsible for them.
2007-04-09 04:18:08 · answer #1 · answered by Paul F 4 · 0⤊ 0⤋
It means that you will be responsible for the loan on the car. If she can't make a payment then it will be your credit that gets trashed. If the loan gets turned over to a collections co. they will come knocking on your door.
Not a good idea to sign on the loan. If you want to help her, then just give her some money as a gift, or give it to her as a loan, but do get a signed IOU and witnessed. Sometimes the people that borrow money have a short memory when it is time to pay it back.
2007-04-09 11:36:03 · answer #2 · answered by Fordman 7 · 0⤊ 0⤋
dont u will end up hateing your cousin or they you...DON'T
2007-04-09 11:07:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋