Are You Really Ready To Ask Someone To Co-sign For You

[catlinye_maker]

Re: Are You Really Ready To Ask Someone To Co-sign For You

We cosigned on my MIL's auto loan. She can use the good credit and we make the payments. We've paid for her car for years now. I think that's the only way I'd cosign on a loan, if I controlled the payments, as Ima says above.

[nanamom]

Re: Are You Really Ready To Ask Someone To Co-sign For You

I co-signed for my daughters first car loan. It was actually down as a personal loan. I made one payment for her and she handled the rest.

[dossin1]

Re: Are You Really Ready To Ask Someone To Co-sign For You

I don't plan to ever co-sign for someone, not even my kids. I would rather give them some money and be done with it.

[LuxLiving]

Re: Are You Really Ready To Ask Someone To Co-sign For You

We loaned our fourth son money for his truck - such a good deal he got - but he's been trained from the get-go to bring his check home to mom and we work on the budget together, so there really is not much danger of him defaulting as I know where the little bugger sleeps at night!

[vishenda]

Re: Are You Really Ready To Ask Someone To Co-sign For You

I co signed once, for someone in my family. It was very difficult to get them to make the payments. (it was on a car) When they divorced, I wound up having to make the rest of the payments. (Thank goodness it was only a few payments) I would never co sign for anyone again, except, of course, my husband.

I love to agree with you =)

[abowers]

Re: Are You Really Ready To Ask Someone To Co-sign For You

My boyfriend-at-the-time - now fiance agreed to be my cosigner for my car loan, for the sole purpose of getting a better interest rate (4.9% instead of 7.9%) We were living together. We had been dating for 6 years. and he contributed $2500 toward the down payment. I contributed another chunk to the down payment and have been making the monthly payments.

[cptacek]

Re: Are You Really Ready To Ask Someone To Co-sign For You

My dad was a co-signer when I first got a loan for my cattle operation. We are partners, with him taking care of the cattle, me buying the breeding stock, and us splitting the money from selling the calves. We went to the bank he has banked at for 30 years and he cosigned. Since then, I have taken out many more loans with that bank, using the cattle as collateral, and have not had to have him cosign. There was no problem with him thinking I wouldn't pay...he had posession of the cows, so if I had skipped the yearly payment, off they would have gone to the salebarn.

[greedy4chips]

Re: Are You Really Ready To Ask Someone To Co-sign For You

Statistic alert...

75% of all co-signers end up holding the loan after the original signee defaults.

Enough said!

[abowers]

Re: Are You Really Ready To Ask Someone To Co-sign For You

Yikes! No defaulting here.

[vishenda]

Re: Are You Really Ready To Ask Someone To Co-sign For You

I co-signed for my daughters first car loan. It was actually down as a personal loan. I made one payment for her and she handled the rest.

cool

[vishenda]

Re: Are You Really Ready To Ask Someone To Co-sign For You

Co-signing is a great way to kill a friendship if you can't make the payments for whatever reason. How many marriages end over financial problems, so what makes most people think a friendship can handle a default on the loan by the borrower when the co-signer is stuck with the debt and the credit hit.

That doesn't make you a bad person in the least. It just means that it may take a while before the system deems you credit worthy and until that happens, make sure you have the consigner's best interest at heart.

[vishenda]

Finally a question that could ruin your credit

Many times in life we are faced with a hard decision. Whether to co-sign or not to co-sign will be one of those hard decisions. You have worked hard to keep your credit score high, and you have no problem whatsoever in getting approved for a any loan or credit card that you apply for. Not everyone is so lucky.

[naturalwoman]

Re: Finally a question that could ruin your credit

i won't co-sign for my shadow.

[sweeps]

Re: Finally a question that could ruin your credit

To the original question, I would cosign if:
(a) The person was a loved one that I can reasonably trust,
(b) The person had a crucial need for the loan,
(c) The person was getting a fair deal on price and loan terms,
(d) I could keep tabs on the loan payments, and
(e) I could assume the payments without substantially hurting my own finances

[tener]

Re: Finally a question that could ruin your credit

i'd have no problem co-signing (for the right person of course)