If i cosign for a car loan and i want to refinance my house later in the year will this affect my credit?

Eufemia
Try getting an online auto loan quote. http://www.autoadviceonline.com/Auto-Loans.html The automated form will give you results based on your credit and financial situation. It's free and you can get an answer in minutes.

Paola
It can effect your credit but that effect could be good or bad. If the payments are made on-time every month then this is a good thing. However, if they payments are delinquent then this will be a negative on your credit report.But this will also effect another important factor. If you co-signed for a loan you are equally responsible. So the lenders can and probably will take this additional monthly payment(even though you are not paying it) into consideration for your Debt-to-Income ratio. If this puts your ratio above the acceptable amount overall they may decline your loan not based on your credit score but your DTI. With the credit and banking industry in the position they are in they are a lot less flexible than the past with this value.So if you are going to co-sign for a loan, be prepared to pay for the loan if the other party does not. Also, refinance your house before you add this as another major debt.

Brigette
YES IT WILL!!!If you Co-Sign for any kind of a loan for another person when you try to refinance your house they will look at the loan you co-signed for as your debt because they have no way of knowing if that person will default on their payments and you will have to make the payments.Co-Signing for someone is never a good idea, even if the person is trust worthy and has a good payment history, once you co-sign something, that is considered your bill until they have paid it off.DON'T DO IT!!!

Colleen
Yes, any outstanding lean will count against the amount you are able to borrow as you are wholly responsible for the loan until it is refinanced or paid off. If it is for a very small amount, the affect will not be noticeable unless you have a bad credit score. Co-signing is almost always a bad idea.

Arletha
Yes, that debt will be counted against you and if there is any late payments or anything, it will show up on your credit report.

Joyce
it can.seriously think about it before you co-sign anything. if that person bails out, you are stuck with the payments.

Verlene
Hope this helps. http://www.worldbestloans.com/Thanks.