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| *Loan,banking and credit>>>auto loan |
If you just puchased a house 2 months ago would your credit be good enough still to co-sign on an auto loan? |
If you just puchased a house 2 months ago would your credit be good enough still to co-sign on an auto loan? May be. Depends on your ability to repay. The bankers have a criteria to determine your application for further credit. Usually your monthly repayment could not exceed 30% of your family income per month. If you paid on time, you should be ok unless you already have 3-4 active auto loans on your credit. You have to be very careful co-signing for any loan because if the borrower defaults, you are left owing the money!! IT USUALLY TAKES ABOUT 8-12 MONTHS FOR YOUR CREDIT TO IMPROVE. THEY WANT TO SEE A POSITIVE PAYMENT HISTORY ON YOUR ACCOUNT. CO-SIGNING IS MOST COMMONLY REFEREED TO "AN IDIOT WITH A PEN" I WOULD NOT RECOMMEND DOING IT EVER EVER EVER EVER. YOU WILL BE HELD TOTALLY RESPONSIBLE IF THE 1ST BORROWER DEFAULTS, THEY WOULD MORE THAN LIKELY TAKE THE CAR AND SPLIT AND LEAVE YOU HOLDING THE NOTE. DANGER, DANGER WILL ROBINSON, DANGER as long as there are no late payments or other negative marks against you. Not necessarily, It depends on the proportion of how much you make and how much you owe. if you were able to purchase a house. You should be more than able to co sigh for a car. |
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