A coacreditado, as defined by the National Commission for the Protection and Defense of Users of Financial Services (Condusef), refers to the person who, in solidarity, participates with the owner of a financial transaction, usually in a credit and / or financing. In this way, the co-creditor also acquires the same obligations as the principal debtor.
Since it is someone who “shares your debt”, a coacreditado is a person of trust, for example a relative or close friend, it is also very common to be carried out between agreements between members of a couple.
What are the advantages of having a co-credited when you apply for a loan?
Usually the figure of the coacreditado is used when you are going to buy a car or a property on credit, and since it is a high amount, the liability of the debt is shared.
In these cases, the most common is to choose the husband or wife as co-credited so that both acquire the loan. The advantages of opting for this alternative are:
- Access to a greater amount of credit : By joining their salaries, they may acquire a higher value property.
- Pay less for monthly payments : By sharing the payments it becomes more convenient for both to pay and even pay more than if it were only one.
- Each one owns: – This gives you certainty in case you live in concubinage and it is not in your plans to get married, because you acquire the security of obtaining a property that is owned by both.
- If one of the two dies, the credit is extinguished : If they opt for a coacreditado through conjugal joint coverage (spouse), and one of the two dies, the balance to be owed will be at zero, if they comply with the documentation indicated in the adhesion contract.
What are the disadvantages of being co-credited on a loan?
- If your coacreditado is not paid: Take your precautions. If your co-creditor is not a person organized in their finances, they are likely to have conflicts when they default on the loan payments and both will be affected.
- If you fail to pay: If you are not disciplined with your money, then do not consider this credit scheme because it is very likely that you will forever damage the relationship with your co-creditor. Before taking out a shared credit, keep in mind how much you should set aside from your income for long-term debts. For example, if you use the Surelife credit, it is calculated individually and biweekly 30% of your income is deducted.
If they propose to be co-credited for a loan, is it worth it?
It depends on the responsibility of each person. In case you decide to have a debt shared with your spouse, for example to pay for a house, there is always the risk that they end the personal relationship (for whatever reason) and have to share the property that, in addition, still do not finish paying.
In those cases, one option is to transfer the credit to a third person who acquires the rights to the property and who is in charge of paying. Another alternative is to reach an agreement, liquidate the property (house or car) and sell it later, although this “solution” is long term and generally more expensive. Value the advantages and disadvantages that impact your relationship with the coacreditado, both in the present and the future and take the decision based on respect for both parties.