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What does co-signing a vehicle affect 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 aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. We also allow users to conduct research and compare information at no cost – so that you can make sound financial decisions. Bankrate has partnerships with issuers, including 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 come from companies that pay us. This compensation may impact how and when products are featured on this site, including, for example, the order in which they may be displayed within the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other home lending products. This compensation, however, does have no impact on the content we publish or the reviews that you read on this site. We do not contain the vast array of companies or financial offers that may be open to you. SHARE Getty Images/Jupiterimages

3 min read Published September 20 in 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. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers to take control of their finances with concise, well-researched and well-researched content that dissects complex topics into manageable bites. The Bankrate promises

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At Bankrate we are committed to helping you make better financial choices. While we adhere to strict journalistic integrity ,

This article may include some references to products offered by our partners. Here’s how we earn money . The Bankrate promise

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who ensure everything we publish will ensure that our content is reliable, honest and trustworthy. The loans reporter and editor are focused on the points consumers care about most — the various types of loans available, the best rates, the top lenders, ways to repay debt, and more — so you’ll feel safe making a decision about your investment. Integrity of the editing

Bankrate adheres to a strict code of conduct , so you can trust that we’re putting your interests first. Our award-winning editors, reporters and editors provide honest and trustworthy content to help you make the right financial choices. Key Principles We respect your confidence. Our goal is to provide our readers with truthful and impartial information, and we have established editorial standards to ensure that happens. Our editors and reporters rigorously check the accuracy of editorial content to ensure that the information you’re reading is true. We have a strict separation between advertisers as well as our editorial staff. Our editorial team doesn’t receive direct compensation from our advertisers. Editorial Independence Bankrate’s editorial team writes on behalf of YOU – the reader. Our aim is to provide you the best advice that will aid you in making informed personal financial decisions. We adhere to strict guidelines to ensure that our editorial content isn’t affected by advertisements. Our editorial team is not paid directly from advertisers, and our content is verified to guarantee its accuracy. So when you read an article or a review you can be sure that you’re receiving reliable and dependable information. How we make money

If you have questions about money. Bankrate can help. Our experts have helped you understand your money for more than four decades. We are constantly striving to give our customers the right advice and tools needed to be successful throughout their financial journey. Bankrate adheres to strict standards , so you can trust that our content is honest and precise. Our award-winning editors and journalists create honest and accurate content that will help you make the right financial decisions. Our content produced by our editorial team is truthful, impartial and is not influenced by our advertisers. We’re transparent regarding how we’re capable of bringing high-quality content, competitive rates and helpful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products andservices or by you clicking on certain links posted on our website. Therefore, this compensation may affect the way, location and in what order products appear within listing categories, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home lending products. Other factors, such as our own website rules and whether a product is available within your area or at your own personal credit score can also impact how and where products appear on this website. We strive to offer an array of offers, Bankrate does not include specific information on every credit or financial item or product. Do you have a relative or friend who has asked you to co-sign a car loan? Perhaps you’re having trouble getting approved for an and need a co-signer? In any event it’s essential to realize that both the primary borrower and the co-signer are legally accountable for auto loan payments. And both parties could face severe credit consequences in the event that the loan goes into default. The benefit is that the auto loan can also boost the credit score of both co-signers and the borrower’s health if managed responsibly. The most important thing to remember is

Co-signing for a loan can affect your credit. In the event of default or late payments, it will negatively impact your credit and the primary lender’s. Your score could also fall by a few points since the initial credit report.

Co-signing an auto loan impacts the credit score of the co-signer. If you co-sign a car loan your credit score could be slightly affected by the inquiry made during the application process. You could also see some slight declines on your score because your average age for your accounts will decrease. But, your credit can improve when timely payments are made on the loan as it can add positive payment history to the credit report. But if the primary borrower is unable to pay and the co-signer fails to fill in the gaps your credit score could be affected. Additionally, you may be able to get and credit card in the near future. Once the loan is 30 days past due, it may be reported by the lender to the three major credit bureaussuch as Experian, TransUnion and Equifax and will affect your credit score. If the loan remains delinquent and co-signers are involved, their credit score suffers an even more significant hit. In the end, late payments and repossessions stay visible on credit reports for as long as seven years, however the impact diminishes over time. How does having the auto loan co-signer impacts the credit of the principal borrower you denied an auto loan due to limited credit experience? Co-signing with a person with outstanding credit could boost your chances of approval since the lender is less likely to take on risk. Therefore, you can be approved for an auto loan and begin building a positive credit history as you make timely payments on the loan. A co-signer can also help you if it is insufficient due to previous financial mistakes. Pay history makes up 35 % of the credit score so keeping current on the auto loan repayments over the loan time frame could improve your score, assuming you handle all your other debts with care. The right time to become co-signer for a car loan Co-signing a car loan is risky and can damage your credit health when it’s not properly managed. There are times where co-signing a loan is sensible If your friend or relative has a proven track record of employment that is consistent in income and you’re certain that they will make timely loan payments. Your child is not a creditworthy person and has no credit history, and you’d like to assist them establish credit from the ground up. You can afford to make your monthly payments if the primary borrower falls behind. If you need a co-signer on a car loan A co-signer could aid you in getting a car loan with a competitive interest rate. It is a good idea to have a friend or relative with you: You have an income that is steady and you is able to pay for the monthly loan payment, insurance , and maintenance costs that will come with the vehicle. You pay your bills on time and have money stored in case of emergency financial situation. You can’t get approved for an auto loan because of the lack of credit history or previous errors. It’s a fact that if you’re considering co-signing the auto loan and/or asking someone else to co-sign on behalf of you, think about all of the risks before taking the next step. There are many important aspects to be aware of. These arrangements could be bad news for your credit and your overall financial situation if there is a financial crisis or if loan payments aren’t paid punctually. Furthermore, important relationships could be affected, which can easily make the costs that come with co-signing an automobile loan or getting co-signers 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. Written 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 to manage their finances through providing concise, well-studied and well-researched content that breaks down complicated subjects into bite-sized pieces.

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