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I want to get an auto loan from a bank such as Bank of America, or any branch of Credit Union. I was wondering what is the difference between getting your own auto loan from the bank, and a loan that a 3rd party (the dealership) get for you?
Since my brother is going to co-sign my loan, he told me that he want me to pick a car from the dealership and I will cosign it for you, but I won't cosign the auto loan from the bank. He said it's two totally different thing. So can someone explain to me the difference?
Thank you
Additional Details Yes, that is what I also thought, the co-signer has the same obligation whether it's a loan from the auto dealership and an auto loan from a bank.
My brother think that if I purchase a car from the dealership, they will only need him as a co-signer to get me a better credit rating in order to for the loan to get approve. I think he's afraid that if I get an auto loan from the bank and can't make the payment they will take his house. So in the end, getting an auto loan from a bank is the same as getting an auto loan from a dealership right? The co-signer has the same responsibility is that correct?
Since my brother is going to co-sign my loan, he told me that he want me to pick a car from the dealership and I will cosign it for you, but I won't cosign the auto loan from the bank. He said it's two totally different thing. So can someone explain to me the difference?
Thank you
My brother think that if I purchase a car from the dealership, they will only need him as a co-signer to get me a better credit rating in order to for the loan to get approve. I think he's afraid that if I get an auto loan from the bank and can't make the payment they will take his house.
Auto Loan vs dealship loan?
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