The Internet has become the financial hub of the known Universe. You can find anything you want online, from stock trading, to mortgage loan applications. With the uprising in new websites available, it is inevitable that over-all quality will decrease. It has become very difficult to determine which websites are actually helpful and which ones are simply spam. One way to help reduce the amount of bad, irrelevant results is to educate your self on effective keyword search techniques.
As an example, I will demonstrate effective techniques for searching for an auto loan on any popular search engine. For the most part, the top search engines are Google, Yahoo, and MSN. Search techniques for each are basically identical. There is no reason to change the way you look for things on each individual engine.
For example, I will be posing as a consumer with credit trouble interested in getting a car loan. The First mistake people make is usually being too general in their search term. If you simply search for the term ?loans? You will find a wide variety of different websites offering everything from ?home loans? to ?payday loans?. You need to be more specific.
A good analogy to use is what I call ?Grandfather? logic. You have to search online as if you were asking your grandfather. In other words, BE AS SPECIFIC AS POSSIBLE. Our example is in search of an auto loan, and they have bad credit. So let's ?ask grandpa? where we would find a helpful site for that and translate it to the search box.
?Grandpa, where can I find a website that offers auto loans for people with bad credit in Plainview, New York??
Now, that example is the EXTREME, of how specific you need to be, but you may ultimately find your self using a similarly long and detailed search string in order to find the most relevant results.
Let's use something in between ?Loans? and ?Grandpa, where can I find a website that offers auto loans for people with bad credit in Plainview, New York?? I would try ?Bad Credit Auto Loans? as my first attempt to find relevant websites for a person with bad credit searching for auto financing.
An important part of using search engines is distinguishing advertising from search engine ?natural? results. Typically the advertising will look similar to the natural listings (natural means websites listed for free based on relevance of your search query) but there will always be some distinguishing markings or separation. On Google and Yahoo is clearly says advertiser or ?paid links? near the ads. Be a savvy searcher and try to stick to the ?natural? listings.
If you do not find what you are looking for using ?Bad Credit Auto Loans? you might try to be slightly more specific. Include your geographic location.
?Bad Credit Auto Loans New York?
Using the techniques laid out in this article, you should be able to use search engines to your advantage, and not the other way around!
If you are a parent and can afford paying for the loan but you want to teach your kid responsibility by making them pay for it, then I don't see a big problem with that. Otherwise just don't co-sign with anyone.
Ok you can really only be in one of two different situations. First, you are the unfortunate co-signer and the person you co-signed for stopped making payments and now the creditor are coming after you.
You could also be the person that needs the co-sign and you want to get the other person off your loan so you don't screw them over if you mess up. These two I will be talking about in this article.
If You Are a Co-Signer
You are in a bad situation. That sums it up really. I mean you could try to force them to refinance the loan to get you off (which is your only hope) but if you are trying to get off the loan. Chances are they haven't been paying the loan anyway so the possibility of them getting the refinance loan is slim to none.
Now you could try to sue them but if you do end up getting the ruling which is not likely, because you signed a contract that if they default then you are willing to take responsibility of the loan. Lets say you did get a ruling in your favor. Probably the main reason that they are not paying in the first place is that they don't have the money.
So you might get some relief but after they can't get any money out of the person they will come back after you. So that probably will not work.
If you got a divorce settlement that said your ex was responsible for the loan, the creditors will not care. They will come after each of you until they are paid or you go bankrupt.
If You had Someone Else Co-Sign for You
This is the best situation to be in, because you have the most control on everything and can take action before things get bad. Hopefully you a good person and don't want to hurt the credit of the person that tried to help you. There are a few things you can do.
First you can go to the lender that gave you the loan and ask for a refinance loan on your car and just do it in your name. Hopefully you have enough history to do this. They might want the other person to be there as well and give consent to be taken off the loan.
You could also try for a debt consolidation loan and get your name on it that way. But how ever you do it just do it before things get bad otherwise you will be killing your credit as well as your co-signer.
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