*Loan,banking and credit>>>auto loan

Does co-signing on an auto loan majorly hinder your chances to get another auto loan 2-3 months later?

- My co-signer has good credit. A 10+ year record, probably flawless.
- Carries a mortgage.
- No other car or child support or any other recurring debt.

What do you guys think? My mother is afraid to co-sign for me because she is not sure if she will be able to get another car in 2-3 months for the family in case we need it, is this a necessary worry?

Your mother has EVERY right to be concerned.

However, she is concerned for the wrong reason.

She should be MORE concerned of your ability to repay that loan back MORE than her ability to qualify for a new loan.

The creditors made you get a co-signer for a reason. Based on your credit history -- YOU ARE NOT RELIABLE!

So they made you find a patsy who will be foolish enough to put her good name and credit on the line to vouch for you in case you create a "hot mess".

Why do I see the writing on the wall??

Co-signing loans are rarely a win-win proposition. Source(s): Life.

Yes. It changes the debt-to-income ratio. She is right to be concerned.
Even a credit check can adversely effect your ability to get a car loan. Your mother is absolutely correct in worrying that she may not be able to get another loan, especially in such a short period of time. I would suggest that you don't put her in the position and instead buy a car that YOU can afford on YOUR credit alone. This is a secured loan (the easiest kind of loan possible...even my college kid was able to get one), so if you are unable to swing it on your own, then you need to get a cheaper car. If you DO have plenty of money and STILL can't get the loan you want---wait a few months and save up the loan payment. A bigger down payment will be all you need to get the loan on your own. The finance company only cares that they NOT lose money. If they can repossess the car and still come out ahead, you will get the credit line. You just need to make a big enough downpayment to make that feasible and if you delay your purchase for a few months, you can accumulate a MUCH healthier down payment. Additionally, you will find out if you are actually able to make the monthly payments easily. Live within your means and good luck.
she is still responsible for that loan even if she co signs and it will show on her credit rating
just according to her salary she still may be able to borrow more money though as auto loans have a secured collateral