Co-signing for a car: What you should know - Car buying tips
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- Опубликовано: 16 окт 2022
- If you are new to the credit bureau system or have never bought a car before you may have been told you need a co-signer. A co-signer is another person who also accepts full responsibility to pay back a loan
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If the financial institution wants you to have a cosigner, that means they have very little faith in your ability to pay back the loan.
It's a built in back up plan for the lender. They intend to call on the other person promptly if you are late on a payment.
Never co-sign with anyone unless their your marriage partner and their credit and income, either match, or greater than yours
Do you have a dealership in California ?
Question sometimes I have seen even if u have bad credit but u put a really good down payment they still give u a good payment and qualify for example 30,000 truck Chevy new put $10,000 they qualified them and interest wasn’t bad either so is true
what about if i know someone with good to great credit but only income is SSI or does the cosigner even need to have any income?
Credit is debt to loan you can have a 780 credit score but if you income and debts over weight the amount of the new loan good luck ,that's how the market crashed in 2008 giving loans to people that can't afford it regardless of a 800
do you know if i can co sign with my parents at 17? I really need a new vehicle but I can’t finance one myself
I’m almost double your age. Co-signing, was my worst ever financial experience. Please don’t do it, especially with a family member.
@@handleyobusiness why not?
Just commenting because you seem to like to turn off comments on the rest of your videos. You said you replaced the cabin filter on a 2002 ss camaro. No 4th gen f bodies came with cabin filters
NEVER, EVER, EVER COSIGN A LOAN...... ANY LOAN, for ANYBODY.
If a person needs a cosigner it's because their credit is trash, and they will trash your credit before it's all over.
Not really , my credit is 767 with a 3 year history I’ll get a new car soon but will have someone as a co signer to lower the interest, but you have a point as well
Thank you beachbum1523
My credit score is 700 and I've never missed a payment, but I was just denied an auto loan because I have few accounts and my score is only two and a half years old. Should my Uncle have refused to cosign still? Now I may be biased, but I don't think I'm a bad bet.