also how exaclty will this work will it be based off of combined credit for just theirs or what ?
2007-12-26 08:20:32 · 8 answers · asked by Brad Hamilton 1 in Cars & Transportation ➔ Buying & Selling
The loan will show up on both reports.
As far as an interest rate, it will depend on the lender. Some will use the credit score of the primary buyer, while others use a tier system which uses a combination of credit, 'debt-to-income', 'loan-to-value', job history, and residency to determine the rate. I hope this helps and you can email if you have questions.
2007-12-26 11:30:13 · answer #1 · answered by The Auto Evaluator™ 7 · 3⤊ 0⤋
It shows up on both credits. If the payments don't go through then the co-signer is responsible for making the payments. Co-signing is very harsh.
2007-12-26 08:29:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
yes it will plus if you miss payments the co-signer will have to pay the missed payments but who ever has a better score prob.will be the buyer an the other person will be the co-signer
2007-12-26 08:28:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The interest rate would be based off both credit scores, but the person with the higher score would be listed as primary, because that's what banks like.
2007-12-26 11:02:53 · answer #4 · answered by dark_angel_91585 3 · 0⤊ 0⤋
Yes, I cosigned an auto loan for my son, and the full amount of the loan appears on my credit report.
2007-12-27 02:30:43 · answer #5 · answered by Scott H 7 · 0⤊ 0⤋
The total will be reflected on the co-signer's record.
Co-signed notes are treated as though you never existed.
2007-12-26 08:29:06 · answer #6 · answered by ed 7 · 0⤊ 0⤋
Both.................
In most states, if you cosign and your friend or relative misses a payment, the lender can immediately collect from you without first pursuing the borrower. In addition, the amount you owe may be increased — by late charges or by attorneys’ fees — if the lender decides to sue to collect. If the lender wins the case, your wages and property may be taken.
2007-12-26 09:15:14 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Yes it will! that bank holds the cosigner responsible for the loan.
2007-12-26 09:37:03 · answer #8 · answered by JOHN S 1 · 0⤊ 0⤋