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CALI GIRL | A friend asked me to co-sign for his car loan? |
what are the pros and cons? and is this something i should proceed when i'm interested in buying a new car soon not too mention possible buying a home for the first time???
all your info will be well appreciated.
thanks for your time. |
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Crazy cat lady >^ ^<
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DONT do it...if he defaults on the loan it will be your responsibility to repay it..you might be doing ok now but you never know what the future holds..
What takes 30 days to ruin..also takes 7 years to repair |
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Julie S
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Do NOT co-sign for a friends car loan ... I repeat, DO *NOT* CO-SIGN!!!! The only person that I would say to even consider doing that for would be a sibling or parent ... but no one else!!!
This happened to my husband when we were first dating! He co-signed for a friend to get her car 2 years ago and everything was fine for 2 years. Then out of the blue, he's getting calls from the Honda dealership threatening to send his account to collections if he didn't pay up on his negligent account. Turns out, his friend lost her job and had been unemployed for 3 months and went 2 months without making a payment on her car and never told him about it. She had actually called in and found out that if she didn't pay, then he would have to.
Moral of that story - don't ever co-sign for anyone!!! I'm sure other people have horror stories to share with you too! If you're thinking of doing it to improve you're credit - DONT! There are better ways to raise your credit score than that! |
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98765
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Bad Bad Bad ! don't do it! might as well just buy a car and give it to him. It'll shorten the burden of that debt against your credit. He obviously has bad enough credit already that he can't get it on his own. He'll screw up your credit too. Don't do it. !! |
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The Shepherd
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This is a effin dissaster in the making. Never mix moeny and friends. Protect your credit like it was Fort Knox. Once it gets ruined it is very hard to recover. |
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Tiss
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There are no pros to this situation. If he can't get a loan on his own, the chances are not good that he will keep up with his payments. That's when the bank will give you a call, and you will be responsible for paying for the car. If you are thinking of buying a home, you need to protect your credit. A mortgage lender will look at all of your debt when deciding whether to give you a loan, and your interest rate is also based on your credit. DON'T DO IT!! |
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scorch_22
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It is a bad idea for several reasons:
1. If your friend stops paying your credit suffers
2. If you try to buy a new car, this loan will count against you, because you technically owe the money too, so they will look at that when considering if you can afford payments.
3. It could ruin the friendship. I am sure you trust your friend, but sometimes things happen.
Pros:
1. Your friend will probably be happy. (unless she or he can't make the payments, which is usually why they make you co-sign, because they don't believe he or she can.) |
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airjarrod
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If you co-sign and your friend doesn't make the payments, you're required to pay off the car.
Don't walk, run away. |
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<3 FLYERS <3
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friends and money don't mix...period. it could turn out ugly, i wouldn't do it. |
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Somethingtotry
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If your friend needs a cosigner, then it's likely that person's credit is not exactly wonderful to begin with.
You are basically signing to guarantee the loan if they fail to make the payments. This will affect your credit and will show up on your credit reports as an obligation.
Generally this isn't a good idea to do for friends because sometimes friendships don't last as long as the loan does. |
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Juicy
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Don't sign your name on the dotted line to co-sign for ANYONE!!!!!!!!
When you co-sign, you are assuming responsibility for paying the car note when your friend does not pay.
Suze Orman can break it down for you if you really want to co-sign. She provides great information on what you should do if you are going to lend money or lend your name (co-sign).
Check out her website and read up before you make your decision.
http://www.suzeorman.com/igsbase/igstemplate.cfm?SRC=SP&SRCN=layout_resourcecenter&GnavID=84&testmode=1&viewall=1
GOOD LUCK!!! |
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ernesto_tig
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Don't do it. Don't do it,Don't do it, Don't do it and if you want another opinion: Don't do it. If this loan goes south, it's your loan. Not the car, just the payments.
Unless the car payment is something you can swing yourself, don't put your name on the loan docs. As a piece of LIFE advice, don't be a cosignor on anything. If your friend can't get a loan on his own, he can get a cheaper car or take the bus. |
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SPIFIMAN1
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Auto finance is what I do for a living and I must agree with all of the previous posters.
DONT DO IT.
If you co-sign you are responsible for the payments on this loan if your friend does not make them. Plus you said that you were going to be buying a car soon. When you go to apply the lenders will see a open auto loan on your credit already and unless your credit is very very strong they will not give you two open auto loans at the same time.
I see people every month with repossessions on their credit and when I ask them what happened, 90% of the time the answer I get is "It was someone I co-signed for". |
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SHARI
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DO NOT CO-SIGN!!!! I did this for my bestfriend of over 25 years and got stuck paying for it!!! |
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luciousgreeneyedlady
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if you co-sign for someone, that person can really screw up your credit. Everything they do will reflect on your credit report as well. Worst of all, if that person stops paying then you are stuck with the bill. |
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aem1383
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If I was him I would be like , yes please help me, but since I'm ot him is easy to tell you not to do it, unless your sure he is going to be able to pay the loan for the next years. Look at the necessary facts before making a decison. 1.Does he have a good job and how long has he had it for. 2. if you plan to buy a house first you have to look under your credit report and check your tradelines to see all your monthly payments, if all your monthly payments dont go over 45% of what you earn then its its ok to do it as long as it doesn't go over because that's what it needs to be most of the time so the loan can be approve. If these two things are okay than go ahead and do it plus it will help you raise your credit score.
If you have any questions about getting a loan contact me at aem1383@yahoo.com, I'll be glad to assist you and answer any question without charge.
Angel Morales
Loan Officer
Boehck Mortgage |
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Dewey K
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All you have to do is read these Yahoo answer/questions to know it is a mistake to do this. Your good credit can get messed up and if your friend quits making the payments guess who they will come after. Don't do it! |
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Christie
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The cons: If your friend doesn't pay, you'll have to. Any negative payment history will show up on YOUR credit report, as well as his. Also, some lenders will look unfavorably at the fact that you have co-signed for someone and it might affect their willingness to loan money to you. The friendship might possibly be destroyed over this, if things don't go smoothly.
The pros: Hmm. I can't think of any.
Personally, I would not co-sign for a friend if you want to continue the friendship. Too many things can go wrong. |
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tamra1225
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Cons:
1. You run a high risk of damaging your credit if your friend defaults. (there is a reason they need a co-signer; their credit is either bad or they have not had previous credit)
2. Your co-signing on the loan makes you equally responsible for the debt and will count against you when you want to buy your own car/house because it will look like you are carrying too much debt.
3. Friends/family and money don't mix. Unless you make enough money to cover that debt, don't do it. Your friend may be a responsible person but you always need to prepare for worst case scenario.
Pros:
1. Your friend will be happy. |
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