What are the benefits of having someone cosign your loan? March 31, 2010
Posted by Credit in : Credit , trackback
loki7714 asked:
I’m getting a small auto loan (1500-2000) for a used car in a few weeks and my uncle has agreed to cosign the loan for me. What are some of the benefits of having him cosign the loan besides a better chance of actually getting the loan?
I already have 2.5k saved up.
I’m getting a small auto loan (1500-2000) for a used car in a few weeks and my uncle has agreed to cosign the loan for me. What are some of the benefits of having him cosign the loan besides a better chance of actually getting the loan?
I already have 2.5k saved up.
Comments»
He won’t get a car loan for a car that is only 2k. Sounds like a personal loan.
The benefit, I guess is that if you decide to sink the ship, you won’t be alone, as you will tank his credit too.
You should get a decent % rate, don’t forget to insure the care! Good luck!