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If you cosign on a car note with good credit but then after a year or so the cosigner's credit is in the toilet does it affect the primary's note or interest rate?
Wiki User
∙ 15y ago
it should not affect the primary account holder's interest rate on that account, or the secondary's, for that matter. Rates on car loans are typcially fixed, so once the loan is made, the rate is guaranteed for the life of the loan, despite the credit of either individual. BUT if the primary person does not pay that particular account on time, it will affect the co-signor's credit score, which may result in having to pay higher interest on other types of loans or possibly even loan denials. A co-signor should always monitor that account to make sure that it's being paid on time to avoid late payments that may have a negative impact on their credit score. visit www.creditscorehero.com and check out the articles on the left side of the page for more information about how credit scoring works.
Wiki User
∙ 15y ago
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Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
If you cosign for someone and they go bankrupt does it affect you?
You would be responsible for the note or loan you co-signed for.
How does cosigning for an auto loan affect your ability to get your own auto loan?
Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.
If you cosign a student loan can you deduct the interest if the first party does not?
http://www.ird.gov.hk/eng/faq/ctr.htm#item5 I doubt it.
What is the cosign of pi?
The cosign of pi is -1
Are private student loan cosigners in danger if you default on other loans they didn't cosign?
OP here with more details: the private student loans they are cosigned on are current/paid on time, but other private student loans (with the same lender) are about to default. Can this in any way cause problems for my cosigner?
How many time can you cosign a car?
how many times can someone cosign a car
What does cosign mean?
a cosigner is someone that also signs a note, meaning that if the original signer dose not pay the obligation the second signer or cosigner must pay. It means, if the person getting the loan does not pay it off, the cosigner is responsible for paying the loan off.
What happens if you cosign a car loan and the other party then files bankruptcy but secures the loan and will it be on the cosigners credit report or effect it?
The car lender would repossess the vehicle and sell it off, if there is a remaining deficiency, then the lender can go after the co-signer to be paid (so yes it would negatively effect the co-signer's credit rating)
Cosign lease extension?
To cosign a lease extension means to become legally responsible for the lease agreement alongside the primary tenant. This includes agreeing to uphold all terms and obligations of the extended lease period as a form of guarantee for the landlord in case the primary tenant is unable to fulfill their responsibilities. It's important to understand the implications and commitments involved before agreeing to cosign a lease extension.
Do you have to be a relative to cosign?
no.my father cosigned for me,but the bank told me that anybody could cosign..good luck to you.
When might two people need to cosign an agreement?
Two people would need to cosign an agreement when for example, parents need to cosign the loan application for their child or to help a friend in need.
