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theplumbingexpert · Joined: 10 Oct 2009 Posts: 1 1.33 Dollars($)

Hello,
I need to refinance my home and wanted to know if co-signing a car loan for my daughter would prevent me from refinancing my home. Please email or call me at 678-887-2123 at your convenience.

Respectfully,

Larry Watson

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

That wouwl depend on, once you co-sign what impact that will have on your credit score. If you have a good credit score then that shoudl nto eb a worry factor

Another item you need to consider would be the Debt Incoem Ratio, how will this car losna affects yoru Debt to incoem ratio. If it pushes your debt to income ratio to a higher raneg then it is not a good option

But if you have good income and and no other laons or credit card debt, then you may be ok to sign

jenkin7 · Posted: Mon Oct 12, 2009 2:51 am Post subject:

Hi Larry,

Co-signing on the car loan for your daughter will not affect your credit scores, as long as she is current on her loan. If she defaults on the car loan, it will surely affect your credit scores. However, the co-signing will definitely affect your debt-to-income ratio. In case, you do not have much of debt obligations, you can co-sign on the car loan. It will not affect you chances of qualifying for the refinance. If you are already burdened with too much of debts, it is advisable that you do not co-sign on the car loan.

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would if co-signing a car loan for my daughter would prevent me from refinancing my home.