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How does being a co-borrower on a car loan affect my loan qualification and loan amount?

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August 25 2009 - Milpitas
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The payment on the loan is counted as one of your debts.  The maximum amount you can borrow is primarily determined by the ratio of your debt to income and hence the auto loan may lower your maximum loan amount.  If someone else is making the payments on this loan and you can document this being the case for at least 12 months then in most cases the debt will not be counted against you.
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August 25 2009
If the loan payments have been made on time, you credit score is slightly higher.

When it comes time for the lender to decide how much debt you can afford each month, you will be held responsible for the entire monthly car payment (not half)

Roughly speaking, total montly debt should not exceed about half of gross monthly income
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August 25 2009
 
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How does being a co-borrower on a car loan affect my loan qualification and loan amount?
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Latest answer by Frank Sandoval
August 25 2009 | 2 answers
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