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Co-signing explained..... Posted by Mike Lynch [Email]  (#81) [Profile/Gallery]
(more from Mike Lynch) on Tue, 6 Jan 2004 19:58:58
In Reply to: Newer can be cheaper by the month......, Mike Lynch [Profile/Gallery]
, Tue, 6 Jan 2004 14:54:21
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For a lack of credit, often a co-signer can work wonders. In order to get the good rate the co-signer generally has to go on line 1 and the actual buyer on line 2. This is a non-issue, line 1 vs line 2 lately Used to be many years ago the the line 2 person didn't get credit, but in today's world the line 2 person gets the loan reported to the credit agencies to build credit. What's important about line 1 is the lenders establish the rate according to line 1, and as I said line 1 or line 2 the credit gets reported both ways and both share in the ultimate resposibility for the loan.
I've co-signed for my best friend and my gardner without any adverse consequences, but I had known them both for way longer then the term of the loan and the amount of the loan was well within my reach if their were any problems. With my gardner I wanted to be on line 1 so I would be the first to know if there were any problems with the loan.
Time to go........
posted by 207.158.49...
, Tue, 6 Jan 2004 13:36:04, Wed, 7 Jan 2004 07:41:49, Tue, 6 Jan 2004 14:54:21, Tue, 6 Jan 2004 19:58:58 <-- Viewing This Message, Tue, 6 Jan 2004 17:40:30
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