Mar 26

Factors that can affect a co-sign for your loan

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I got someone to cosign for my auto loan but will they be able to if they have a few loans already taken out?

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3 Responses to “Factors that can affect a co-sign for your loan”

  1. eprefugee Says:
    March 26th, 2010 at 5:40 am

    only if their credit allows it, if they are not capable of taking on your loan on top of what they’re already paying, then most banks wouldn’t allow it.

  2. Vadalia Says:
    March 26th, 2010 at 5:40 am

    It depends on their income. If their debt-to-income ratio is okay, then it’ll be fine. However, if the lender determines that their debt with your car loan is too high for their income, you’ll have problems getting the loan.

  3. Theresa M Says:
    March 26th, 2010 at 5:40 am

    Sure, as long as their credit is good.

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