Co-signing an auto loan?

Hey guys. I would appreciate anyone's help regarding a bind I'm in. I'm switching jobs and have to turn in my company vehicle. Therefore, I need to purchase a car. I went through a messy divorce a couple years ago and my ex really hurt my credit by charging up cards, taking them out in my name, etc. Long story short, my credit is suffering. I had to pay a lot of money to close accounts, etc to divorce. I'm trying to get a car and the dealership is having problems getting me financed. I think I probably could get a loan somewhere, but the interest rate would be through the roof. I make good money and my new job would have a base of 60k. The business manager at the dealership asked if I could get a co-signer. My dad is retired and has great credit. My parents are looking to move south and buy a new place. If he co-signs, will this loan on his record impact his financing, future purchases, etc? I just don't want to burden him. The car is $15,450. Thanks for your help.

Jon

Co-signing an auto loan?

First off, to clarify, a co-signer IS a co-owner. No major lender will finance a loan in 2 names, yet only put 1 on the title. This is because the vehicle is collateral for the loan and if 2 names are on the loan, 2 will be on the title.

You loan will be on both reports as long as the dealership reports the loan. If you default payments, it will effect your credit as well as and your Dads. I hope this helps to clarify.

Co-signing an auto loan?

Yes it will show up on their credit history.

Co-signing an auto loan?

As long as you make all the payments on time it shouldn't really affect his credit it at all...it's not that big of a loan. Don't worry. You're probably going to have 10 people tell you that your dad shouldn't cosign anything for you..but if he trusts you to make the payments go for it.

Yeah you could probably refinance after a year..but 2 years is usually a better time. By then you should have established a good payment record. Carman is wrong by the way...if someone co-signs a loan it definitely shows up on their credit report. My dad is a co-signer on my loan and it appears on his.

Co-signing an auto loan?

A co-signer is not a co-owner and the loan does not appear on the co-signer's credit report. It's your loan and the co-signer only becomes involved if you default.

Co-signing an auto loan?

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Co-signing an auto loan?

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Co-signing an auto loan?

I believe that it wouldn't affect his credit history unless you're delinquent on the payments.