Does paying late on a car loan affect the cosigner's credit?

Does paying late affect the cosigner's credit score? I've paid about a week late on my car loan for the past several months. I'm embarrassed to tell my dad that I've been behind, but it dawned on me that this might affect his credit score.

Answer provided by
avatar
Eric Schad
Answered on Jul 13, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“Since you’re only a week late on your car payments, it’s highly unlikely that this will affect your cosigner’s credit score.
However, you need to look at your lender’s reporting. Some lenders may report late payments if you’re late by a week while others may not report until payments are late by 30 days or more.
In the future, you might want to ask for help with your car loan. That’s why your cosigner is there in the first place.
Being assertive and frank about the matter will only serve to better your relationship and keep you out of financial trouble.”
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies