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My Girldfiend is looking to get a 9K loan from the bank for a new (used) car. She has bad credit due ti unpaid medical bills (that's it). Noone can cosign for her. Can I cosign for her even though I don't have ANY credit? We're going to try wells fargo later today.
Yes, if you have a good credit rating, But you should NEVER CO SIGN a loan for a GF, If she does not pay the loan, you are legely required to and the back will go after you for the money. What happen if you break up? She may get back at you by not paying and you will be on the hook for the 9K+late fees+collection cost+intrests.
Yes, if you have a good credit rating, But you should NEVER CO SIGN a loan for a GF, If she does not pay the loan, you are legely required to and the back will go after you for the money. What happen if you break up? She may get back at you by not paying and you will be on the hook for the 9K+late fees+collection cost+intrests.
but i don't have any credit though at all. does that actumatically mean that i have good credit? i've never had a credit card or anything
If you have never had credit, means you have no score, they will look at YOUR ability to repay, you will need to provide info that shows that you can payback the loan. But.. I dont think you sould co/sign it...
Why the HEL* is girlfriend buying a $9,000 car when she has unpaid medical bills AND bad credit?! Do you not see this as a big red flag that she makes bad decisions? Not saying incurring medical bills was a bad decision, but she should buy the cheapest car possible with CASH and focus on knocking down her debts and restoring her credit rating. You can usually find a reliable old Honda or Acura for $2,000 or so. Those cars will last for 200-300k miles if properly taken care of.
... Fast Forward 1 year, CD.. My X-GF took off to take a new job in X, I just was notified by the Bank that the Car Loan I co/signed for her last year has not been paid in 6 months , They say the balance is 15K, Do I have to pay it? I Don't have 15K to pay it.
You can show this post to your girlfriend if you want.
There are times when I'm driving that I break out in the Monty Python lumberjack song, but with different lyrics.
"I'm an idiot, and that's OK..."
Look, dude. Fuggedaboudit. Find something that is less high maintenance. BTDT, you are being lead below the belt.
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