The Truth About being a Co-signer!!! - YouTube

good morning how y'all doing it's your boy Harvey the credit Houdini here look

I wanted to talk to you guys this morning about being the cosigner of a

vehicle all right and how it really affects your credit now I get a lot of

people who will call me and say hey Harvey my cousin needs a car my son needs a

car my brother my wife my whomever needs a car and they're asking me to co-sign

the people are telling them hey they just need my income I'm just going to

get on the loan and hit you know and I'm gonna be on there and they really really

want affect me that much you know they just need a little help okay look if

you're gonna cosign with somebody understand what actually being the

cosigner on a loan means okay that means if the the person you're cosign and for

which is really the primary signer and you've been the co-buyer the co-buyer the

second person on the loan if you sign for that person and that car turns into

a repossession later on understand that you're going to be equally responsible

for that vehicle okay so don't just go into something thinking that hey you're

just gonna help the person and just give them a little bit of extra income on

that loan and nothing's gonna happen to you if that car is repossessed later on

okay because if they're ever late on a payment it's going to hit your credit as

well it's gonna affect your credit as well so understand you know really what

that type of responsibility means okay because I get a lot of people who I've

worked on the credits awesome now the person they're co-signing for their

credit isn't that awesome and they're needing help and people will cosign to

help someone and not really understand and you know all

the aspects of what it means to be a cosigner or be a co by our on a loan

okay so make sure that you fully understand everything when someone asks

you hey will you be my cosigner or my co buyer

okay understand alright it's really really really important that you

understand like I tell people you know here's your somebody that you just want

to help this person let's say that person has a you know low six

hundred credit score and they're only need you know a slight boost to later on

get that car refinance to get that car out of their name if that's somebody

that you know and they're asking you that you know if you want to take a

chance on and take that chance you know they're not that far off from you know

being in a range where they can get refinanced like I tell people help that

person if you want to but also make sure that you educate them on the importance

of making that car note on time so that they can get that Credit score over that 650

range and possibly get one for credit union or a bank to later on get that car

refinance so that that loan can then be put in their name alone and they're not

needing a code buyer or a cosigner and it'll help you get your name on for that

loan so like I said make sure that you understand fully what it means to be a

code buyer or be a cosigner when signing for anybody on anything and how if they

default on the loan they stop paying it or if they're late on a payment how it

can affect your credit is well and not just theirs hey guys as I always say

don't forget to subscribe hit the button down there if you have any questions

feel free let me know leave me some comments if you all have any toppings

you like me to hit on you're really not sure about make sure

you leave it in the comment section I take everything and as always y'all be

blessed and enjoy your day!!