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    LPEREZ9909's Avatar
    LPEREZ9909 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 22, 2007, 03:26 PM
    Cosigning a car
    When I cosigning for a car, will I have a problem when I go for a mortgage?
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #2

    Feb 22, 2007, 03:35 PM
    You may not have a problem but the car loan amount will be deducted from your available credit. That lowers the amount you can borrow and may raise the rate of a mortgage.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Feb 22, 2007, 05:24 PM
    Also remember the reason someone wants you to co-sign is that the lender thinks they won't pay.

    So are you ready to make the car payments when they don't, if they are late paying, or don't pay, it will ruin your creidt also.
    gazelleintense's Avatar
    gazelleintense Posts: 175, Reputation: 13
    Junior Member
    		  
    #4

    May 3, 2007, 02:26 PM
    Never cosign. Not even for family. Bad idea. If they cant' pay, you are legally responsible for the loan
    clohman's Avatar
    clohman Posts: 14, Reputation: 1
    New Member
    		  
    #5

    May 10, 2007, 09:27 AM
    I have a grown daughter with bad credit. She could not fiancé a car in her name no where. So I like a mother signed for the car and she co-signed the loan papers. For the life of me I can not make her understand that there is a big difference in assign an co-sign. Yes, she has been late 4 times already. I am trying reallly hard to get and keep my credit straight and she is bring me down. Never, co-sign for anyone. I know I will never do it again.
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