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Posted in Auto Loans
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MCHubbard2

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cosigning for a car and then buying/leasing one soon after
If I were to cosign on an auto loan of about $30,000 now, do you think I can apply for another auto loan or lease of about $40,000 within the next month or so? What is the likely hood of the second vehicle purchase/lease happening?

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That would depend on your credit

score and other info in your report.  Very few people would actually qualify for 2 large auto loans in 30 days.  By co-signing the first one, you are financially responsible if the original borrower defaults and does not make the payments, so worst case senario would be that you would have 2 car loans to make payments on.  Can you easily afford both those payments?

Your score is going to take a hit with the new inquiry and loan for the first loan, How much is hard to say with out having seen your credit report. So when you go to take out the second loan, your score isn't going to be at its best.  Taking on to much new credit all at once would really take its toll on your score for a while.  Multiple new loans makes you look like your desperate for new credit and your score will reflect that. 

Good luck

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