If I default on a car loan, how does it affect my cosigner?

If I default on my loan, will it affect my cosigner? I have a silent cosigner; my uncle cosigned with the idea that he'd never have to hear about it if I'm responsible. All of a sudden, I can't pay my car loan and I'm worried it will affect my uncle's credit score. Help!

Answer
Call your uncle immediately.
If you don’t pay, it will affect his credit score the same way it will impact yours.
The credit score will show nonpayment, especially if you’re more than 30 days late.
Don’t let your uncle suffer for doing you a favor. Pay the loan or have him do so and pay him back. It’s the fair thing to do.”
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Eric Schad
Answered on Jul 12, 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.
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