| Question |
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Can you have two car loans at the same time?
My husband needs to cosign with me so I can get a new car...he needs to cosign because I have declared Chapter 13 bankruptcy. Will this affect his credit rating when he goes to apply to buy his own new car?
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| By
actionfrankdoll |
Posted on
05/01/08 Total Answers
6 |
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| Answers- |
| Yes, you can have two loans. The only thing that will effect his credit is if you do not make payments and fail to inform him. If you have to skip a payment b/c you can't make it, tell him so that he can make one for you and the credit goes uneffected. In order to have two loans, you both need to work and have an income that qualifies for the amount(s) you intend to borrow. Before you just waltz on down to the car dealer, see your banker first. That way they can determine just how much of a loan you can have w/o being finacially strained. If you go from dealer to dealer applying for loans, that shows desperation and will hurt your credit. Approach this situation carefully and with adequate thought and you'll do fine. G'luck! |
| Answer by :
The Eagle Keeper On Date
2008-05-01 13:53:53 |
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| Not as long as you keep your payments up to date. Make sure payment arrives early, not a day late. This keeps his credit rating intact and helps improve yours |
| Answer by :
tkahrs12122 On Date
2008-05-01 13:54:52 |
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| Yes, this loan will certainly affect his credit. Any new debt will have an affect on your credit score.
Being a co-signor on a loan is a high risk and his credit could take a significant hit. If he has plans for purchasing a new car soon, I'd be asking my loan officer a lot of questions. |
| Answer by :
mccoyblues On Date
2008-05-01 13:58:48 |
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| Yes. And yes.
You can have as many car loans as they will approve based on your income, debt to income ratio, and credit rating.
But everyone you have will affect your credit rating negatively because it will increase your debt to income ratio.
Same thing with credit cards. If you don't have any, it is a negative credit hit. But if you have too many, they will look at how much debt you *could* get into by maxing out all your cards. |
| Answer by :
oklatom On Date
2008-05-01 13:59:38 |
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| my wife and I have had 2 car loans often.right now she still has one on one of her cars but I currently do not.It will affect his credit rating because any loan is considered,but it should not adversly effect it if you keep it paid.Just be careful because tommorrow always does come. |
| Answer by :
Thomas G On Date
2008-05-01 14:02:37 |
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| Hi,
I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://urlcut.com/1kvhf |
| Answer by :
Jennifer On Date
2008-05-04 20:13:46 |
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