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What is the impact of co-signing for a car? impact credit? Part Of Financing a Car With a Co-Signer In this series Financing a Car With a Co-Signer Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct your own research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that pay us. This compensation could affect how and when products are featured on this website, for example for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity and other home loan products. However, this compensation will not influence the information we publish, or the reviews appear on this website. We do not include the entire universe of businesses or financial deals that might be open to you. SHARE: Jupiterimages/Getty Images

3 minutes read. Published September 20, 2022

Written by Mia Taylor Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation’s leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers feel confident to manage their finances by providing clear, well-researched information that breaks down complex topics into manageable bites. The Bankrate promises

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Co-signing co-signing a loan can hurt your credit. In the event of default or late payments, it will affect your credit and the primary lender’s. Your score may also decline just a few points from your initial credit assessment.

Co-signing an auto loan impacts the credit score of the co-signer. When co-signing a car loan your credit score could be slightly affected by the hard inquiry generated in the process of applying. You could also see an increase in your credit score as you age, the typical age of your accounts will decrease. Still, your credit could improve when you pay on time for the loan because it adds positive payment history to the credit report. If the primary borrower is unable to pay and the co-signer isn’t able to fill in the gaps, your credit score will suffer. Furthermore, you could have credit cards and loans in the future. Once the loan reaches 30 days past due date, it could be recorded by the lender to the top credit bureaussuch as Experian, TransUnion and Equifax and will affect your credit score. If the loan remains delinquent and the the co-signer’s credit score suffers a much greater damage. The unfortunate thing is that late payments and repossessions stay visible on credit reports for up to seven years, but the impact decreases over time. How having the auto loan co-signer can affect the credit score of the principal borrower you denied an auto loan due to a lack of credit history? Getting a co-signer with stellar credit could boost your chances of approval since the lender will assume less risk. Therefore, you can be granted the auto loan and begin to build a positive credit history as you pay on time for the loan. Co-signers can also assist you when your score is low due to past financial missteps. The amount of your payment history is the 35 per cent of credit scores, making sure you are current with auto loan payments throughout the loan period could boost your score, assuming you handle all your other debts with care. The right time to become co-signer on a vehicle loan Co-signing a car loan could be risky and affect your credit score in the event that it’s not managed properly. There are times where co-signing a loan is logical for a friend or relative who has a good employment record that is consistent in income and you’re certain that they’ll pay on time loan payments. Your child has little to no credit history and you’d like to help to build credit from the ground up. You are able to afford the monthly payments in the event that the primary borrower is in debt. When to have co-signers on an auto loan A co-signer can aid you in getting a car loan with a competitive interest rate. Here’s when it is ideal to have an individual or a relative to the table: You earn an income that is steady and you is able to pay for the monthly loan cost, insurance and the maintenance costs that be incurred by the car. You always make your payments punctually and have funds to hand in the event of a financial emergency. It’s difficult to be approved for an auto loan because of a lack of credit history or previous mistakes. It’s a fact that if you’re contemplating co-signing for on a car loan and/or asking someone to co-sign your behalf, consider all the potential risks prior to making a decision. There are a variety of important factors to be aware of. The two arrangements could mean negative consequences for your credit score and overall finances if financial hardship arises or if loan payments aren’t made punctually. Plus, valuable relationships can be damaged, which could easily make the costs that come with co-signing an automobile loan or having a co-signer outweigh the benefits.

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Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation’s leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers feel confident to manage their finances by providing precise, well-studied information that break down complex subjects into bite-sized pieces.

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