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How does co-signing a car 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 choices by providing you with interactive tools and financial calculators that provide objective and original content. We also allow you to conduct research and compare data for free to help you make informed 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 products that appear on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on this website, for example such things as the sequence in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home loan products. This compensation, however, does affect the information we provide, or the reviews appear on this website. We do not cover the vast array of companies or financial offers that may be accessible to you. SHARE: Jupiterimages/Getty Images

3 minutes read. Published September 20, 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. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the beginning of 2021. They are passionate about helping readers feel confident to take control of their finances by providing clear, well-researched information that breaks down complex topics into manageable bites. The Bankrate promises

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At Bankrate we strive to help you make better financial choices. While we are committed to strict editorial integrity ,

This post could contain the mention of products made by our partners. Here’s how we make money . The Bankrate promise

Established in 1976, Bankrate has a long experience of helping customers make wise financial decisions.

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They ensure that what we write is objective, accurate and reliable. The loans reporters and editors are focused on the things that consumers care about the most — various types of loans available, the best rates, the most reliable lenders, how to pay off debt and much more. So you’ll be able to feel secure when making a decision about your investment. Integrity in editing

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we’ll put your needs first. Our award-winning editors and reporters provide honest and trustworthy content that will help you make the right financial choices. The key principles We value your trust. Our goal is to provide our readers with truthful and impartial information, and we have standards for editorial content in place to ensure that happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure the information you’re receiving is correct. We have a strict separation between advertisers as well as our editorial staff. Our editorial team doesn’t receive compensation directly by our advertising partners. Editorial Independence Bankrate’s editorial staff writes in the name of YOU — the reader. Our aim is to provide you the best advice to help you make smart financial decisions for your personal finances. We adhere to strict guidelines in order to ensure that our editorial content isn’t affected by advertisements. Our editorial staff receives no directly from advertisers, and our content is thoroughly verified to guarantee its accuracy. Therefore, whether you’re reading an article or a report, you can trust that you’re getting credible and dependable information. How we earn money

You have money questions. Bankrate can help. Our experts have helped you understand your finances for more than four decades. We strive to continuously give our customers the right guidance and the tools necessary to be successful throughout their financial journey. Bankrate adheres to strict standards , so you can trust that our information is trustworthy and precise. Our award-winning editors, reporters and editors provide honest and trustworthy content that will help you make the best financial decisions. The content created by our editorial team is objective, factual and is not influenced through our sponsors. We’re honest about the ways we’re in a position to provide quality information, competitive rates and useful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products andservices or when you click on specific links on our site. This compensation could affect the way, location and when products appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage home equity, mortgage and other products for home loans. Other factors, such as our own rules for our website and whether a product is offered in the area you reside in or is within your own personal credit score may also influence the manner in which products are featured on this site. We strive to offer an array of offers, Bankrate does not include information about every credit or financial product or service. Are you a family member or friend who’s asking you to co-sign a car loan? Or maybe you are struggling to be approved for an and need a co-signer? In any event, it’s important to understand that both the primary borrower and co-signer have legal responsibility for auto loan repayments. The two parties could be facing serious consequences for their credit should the loan goes into default. The upside 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. Late payments and default will affect your credit and the primary credit score of the borrower’s. Your score will also drop a few points from the initial credit assessment.

How co-signing an auto loan can affect the credit score of the cosigner. when co-signing an auto loan your credit score could be affected a bit by the hard inquiry generated during the application process. There could be some slight declines on your score as the average age of accounts will decline. However, your credit score could improve in the event that timely payments are made on the loan as it can add positive history of payments to your credit report. But if the primary borrower is unable to pay and the co-signer fails to fill in the gaps the credit score of the co-signer will be affected. Furthermore, you could have credit cards and loans in the near future. When the loan exceeds 30 days due date, it could be reported through the lender to the three major credit bureausincluding Experian, TransUnion and Equifax — and tank the credit rating of your. If the loan remains delinquent and co-signers are involved, their credit score is hit, it will take a bigger damage. The unfortunate thing is that repossessions and late payments remain in your credit file for up to seven years, however the impact decreases over time. How does having the auto loan co-signer can affect the primary borrower’s credit Were you refused an auto loan due to limited credit background? A co-signer with excellent credit will likely improve your approval odds since the lender is less likely to take on risk. Consequently, you could get accepted for an auto loan and begin to build a solid credit scores as you pay on time for the loan. Co-signers can also assist you with your credit score if it’s low due to past financial mistakes. The amount of your payment history is 35 percent of your credit score so keeping current on the auto loan payments over the loan time frame could improve your score, assuming you can manage your other debts responsibly. When to be co-signer for a car loan Co-signing for a car loan could be risky and harm your credit score if it isn’t responsibly managed. However, there are instances where co-signing a loan is sensible: Your relative or friend has a proven track record of employment with a steady income, and you’re certain that they’ll make timely loan payments. Your child is not a creditworthy person and has any credit history, and you want to help to build credit from beginning to finish. You are able to afford your monthly payments if the primary borrower is in debt. When to have a co-signer on the car loan Co-signers can help you get approved for the car loan with a competitive interest rate. This is the time to invite an individual or a relative with you: You have a stable income and are able to afford the monthly loan cost, insurance and maintenance expenses that come with the vehicle. You make your payments in time and have money to hand in the event of a financial crisis. You can’t get approved for an auto loan due to the lack of credit history or prior mistakes. The main thing to remember is that whether you’re contemplating co-signing for a vehicle loan and/or asking someone else to co-sign your behalf, you should consider the risk before taking the next step. There are a variety of important factors to consider. The two arrangements could mean bad news for your credit score and overall financial situation if there is a financial crisis or if loan payment isn’t received punctually. Additionally, relationships that are important to you can be affected, which can be a reason why the cost of co-signing an auto loan or getting a co-signer 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. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers to manage their finances by providing concise, well-studied and well-researched content that breaks down otherwise complex topics into digestible chunks.

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