If a relative (with exceptional) credit co-signs an auto loan for me will I be able to qualify for as good as rate as my cosigner? Will the loan help me rebuild my credit as effectively as if I got the loan without a co-signer?
to answer both of your questions, i was told by a dealership YES. rates according to co-signers credit, account would be reported to bureaus as 'joint' would not specify w/ who just 'joint' (could be your spouse for anyone looking at the report could tell)
I think it will affect his credit as if he bought the car himself. He may be denied in the future due to too many car loans or some thong like that. This happened with my father who cosigned for my nephew. Obviously payment history will follow your dad as well. good or bad
Many banks will look at the co-signer to be able to guarantee the loan, but often, the credit of the buyer will effect the rate. Also, even if the cosigner's credit is PERFECT, if the buyers credit is really bad, the bank will not do the loan. I was in the car business for a short time and that was my experience.
