co-signer
#1
Three Wheelin'
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co-signer
a friend of mine is going to get a 05 tsx within a week or so but has no credit. He is going to finance the car and has a co-signer with good credit. My question is, when he goes in and makes a deal for the car, could he use the co-signers credit to finance the car? Cause theres no doubt that using his own credit will end up with a apr thats above 8%.
#2
Drifting
He can use the co-signer if he/she is present.
Also, keep in mind for the co-signer that if the guy that is paying stops paying, it will be 100% the co-signers resonsibility to make the payment. I have heard plenty of stories where people have co-signed and people have defaulted.
Also, keep in mind for the co-signer that if the guy that is paying stops paying, it will be 100% the co-signers resonsibility to make the payment. I have heard plenty of stories where people have co-signed and people have defaulted.
#4
Originally Posted by TypeRS
doesn't the cosigner have to be a parent or guardian? then again "guardian" is such a vague term
#5
Instructor
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If the guy has no credit or even bad credit, he doesn't need to be getting a $28,000 brand new car. He needs to be looking into getting a nice, reliable used car. Getting a new car like that with no credit is a BAAAAAAAAAAAAAD idea, and he's only asking for financial trouble. I don't understand people like that.
Get a nice used car, wait a year to two years, get the credit score back up, and then try again.
If he gets this car, and then defaults on the loan, now there are TWO people with ruined credit if the co-signer defaults.
I would never, NEVER co-sign on ANY loan, whether it's for my wife, kids, parents, whatever. You're asking for trouble.
He should watch Suze Ormand on CNBC.
Get a nice used car, wait a year to two years, get the credit score back up, and then try again.
If he gets this car, and then defaults on the loan, now there are TWO people with ruined credit if the co-signer defaults.
I would never, NEVER co-sign on ANY loan, whether it's for my wife, kids, parents, whatever. You're asking for trouble.
He should watch Suze Ormand on CNBC.
#7
Originally Posted by asloudasitgets
a friend of mine is going to get a 05 tsx within a week or so but has no credit. He is going to finance the car and has a co-signer with good credit. .
Tell your buddy to get a used car and build up his credit that way.
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#9
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Having a co-signer isn't always bad. I messed up my credit pretty badly when I was 18-21 and still have lingering effects because of it. I had to use a co-signer on 3 different car loans between then and now and I have yet to miss a single payment. I finally got all of my credit issues cleared up and I was thrilled when I was approved with tier 1 credit BY MYSELF when I picked up my 05 TSX just over a week ago! I would be very cautious about co-signing for someone and I would definitely make sure that I knew their exact financial situation before doing so. If you know that they'll be able to make the payments, then go for it. It can affect your credit positively just as easily as it can negatively affect it!
#10
Knew a guy who was told he had to have a co-signer. He never had a credit card (this was years ago), never borrowed money and so he literally never had credit. He got mad, went to another dealer and just paid cash.
So needing a co-signer does NOT mean bad credit or can't afford the car, although I have to agree, often does!
So needing a co-signer does NOT mean bad credit or can't afford the car, although I have to agree, often does!
#11
HOWARD911S
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Originally Posted by tcwatkins
Knew a guy who was told he had to have a co-signer. He never had a credit card (this was years ago), never borrowed money and so he literally never had credit. He got mad, went to another dealer and just paid cash.
So needing a co-signer does NOT mean bad credit or can't afford the car, although I have to agree, often does!
So needing a co-signer does NOT mean bad credit or can't afford the car, although I have to agree, often does!
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