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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.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”
View full answer
- Gregory R.
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