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