When you get a car loan with co-signer that has good credit and eventually there becomes bad does it effect your credit?

When you get a car loan with a co-signer, the co-signer is equally responsible for the debt. This means that if you stop making payments, the co-signer will be held responsible for the full amount of the loan. In addition, the co-signer's credit will be affected if you default on the loan.

If the co-signer has good credit, this can help you get approved for the car loan. However, if the co-signer's credit eventually becomes bad, it could affect your credit as well. This is because when you apply for a loan, lenders will look at your credit history and the credit history of your co-signer. If the co-signer's credit is bad, it could make you appear to be a higher-risk borrower, which could lead to higher interest rates or even denial of the loan.

It's important to note that the impact of a co-signer's bad credit on your credit can vary depending on your individual credit history and the loan amount. If you have good credit, the impact may be less significant. However, if you have bad credit, the impact could be more severe.

If you are considering getting a car loan with a co-signer, it's important to weigh the pros and cons carefully. Make sure you are aware of the risks involved and take steps to protect your credit.