Before cosigning a loan, ask your child’s lender for a similar list. If they don’t have one or don’t have an established process for granting releases, that should be a red flag. The second one can be hard to talk about it, but it’s important.
It should list all regular. but is ultimately dangerous if you can’t afford to pay the money back.” Remind your child that.
Her monthly income does not qualify her for the loan on her own. She has asked me to co-sign. your decision.) And co-signing on this kind of loan is all risk and no reward. Should your friend not.
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Risks to your credit aside, cosigning a car loan for your child can certainly help them begin establishing a strong credit history for themselves. Because you have strong credit scores, having you as a cosigner will likely make it possible for him to receive better rates and terms than he would if he was applying on his own.
If you have to co-sign a loan (instead of giving your kid cash), can you really afford the payments you’re signing up for? If you’re putting yourself in financial jeopardy to help your kids finance college, you shouldn’t be co-signing student loans.
Whether your child is asking for help getting his or her first credit card, or whether a friend needs a co-signer for a car loan, you might be asked to help out. Before you co-sign a loan, though, you need to consider the pros and cons associated with taking on this responsibility.
Co-signing a loan is dangerous to your financial health. Sadly, a 2014 Citizens Financial Group survey revealed that 94% of parents with a child in college said they felt more burdened due to their children’s college loans. In addition, around 50% of parents did not have a plan to repay their child’s student loan debt.
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