Line 1 vs line 2..... - Saab General Bulletin Board - Saabnet.com
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To get the best rate for your daughter the dealer or lender may ask you to go on line 1 instead of the classic position of the cosigner on line 2. You adding yourself to line 2 might enable the process, but the rate might still reflect the line 1 persons credit worthiness. By going on line 1 and your daughter in effect co-signing for you on line 2, you'll get the rate that you qualify for which will probably be dramtatically less than her rate.
This will establish her credit perfectly well. Lenders used to not report the line 2 person, but in this modern digital age, generally the line 2 person receives thier due.
Also being on line 1 will ensure that the bills come to you. Your daughter won't need a bill to know she has a car payment due, that's a big principle of responsible credit, knowing that you owe even if there's a billing snafu.
posted by 207.158.49...
Posts in this Thread:
- Will cosigning the loan hurt my daughters credit?, Dennis, Fri, 4 Apr 2003 21:33:45
- Thanks everyone, Dennis, Sun, 6 Apr 2003 22:46:15
- Line 1 vs line 2....., Mike Lynch , Sun, 6 Apr 2003 15:42:27 <-- Viewing This Message
- Is she worthy of it?...., Mike Lynch , Sun, 6 Apr 2003 15:16:57
- Is she worthy of it?...., Mike Lynch , Sun, 6 Apr 2003 15:16:55
- No, but it could hurt yours........., andy , Sat, 5 Apr 2003 08:27:44
- Re: Will cosigning the loan hurt my daughters credit?, Tom.o, Sat, 5 Apr 2003 08:10:09
- Re: Will cosigning the loan hurt my daughters credit?, tom.o, Sat, 5 Apr 2003 08:05:18
- my opinion, Bret, Fri, 4 Apr 2003 23:51:09
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