co-singed loan -effect on credit?
October 2nd, 2008 by Questions
My husband and I are in need of a new car. We are looking for something cheap. We have been pre-approved to finance at an attrocious interest rate (which we expected) and were told leasing is not an option. We could lease for much cheaper than we could finance but can`t get approved to lease because of our bankruptcy (which was discharged over a year ago).
My parents have agreed to cosign a lease or finance agreement for us to get us a better interest rate. I know that a car loan/lease will help improve our credit but I wondered if there is any negative impact to having a co-signed loan? Does it show on your credit report as being co-signed? Will a co-signed loan help our credit score improve as much as it would if we got the loan on our own?
Posted from: Ontario