I am wanting to get a car and my friend is willing to cosign. If she cosigns for me will she have trouble getting a car because she cosigned for someone? Will it show on her credit as having a vehicle? Will it be difficult for her to get somthing too? thanks
2007-07-22 19:15:24 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
It will show on her credit..and if you screw up the payments she is liable and they go after her. Co signing is the worst thing to do to screw up a friendship.
2007-07-22 19:19:00 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It will show on her credit as a financial obligation and yes it can affect her credit if you default or even if you are late. It also can create a problem when she trys to buy another car if her income isn't enough to cover both obligations, it called debt/income ratio. It's a big risk for your friend to take. Not many would do it. Think it over carefully (which obviously you are) first, because if something goes wrong it can and will affect your friendship. Good luck!
2007-07-22 19:33:42 · answer #2 · answered by Sniggle 6 · 0⤊ 0⤋
It could affect their credit if you screw up on the payments or something! That is why they are a "co"- signer. They are still a signer and if you don't make the payments, they will go after them!
Be careful! That could also affect your relationship! It's not something you want to be careless about. (Obviously you asking this question shows you care though!)
2007-07-22 19:24:37 · answer #3 · answered by uknow 2 · 0⤊ 0⤋
It will not show as her having a vehicle, but it will show as a financial obligation. This may make it more difficult for her to borrow more.
2007-07-22 19:23:45 · answer #4 · answered by jimanddottaylor 7 · 0⤊ 0⤋
If your friend co-signs, and you default, she is responsible so it could indeed have and effect on her credit.. If she can't pay the loan back either, she suffers bad credit too
2007-07-22 19:24:15 · answer #5 · answered by oneblondepilgrim 6 · 0⤊ 0⤋