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Can I cosign for my mom's car loan?
My mom needs a car, but her credit score is a bit rough. My credit is pretty good and I earn a steady income. Can I cosign for her?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s a sweet gesture for you to do for your mother!
- Have a good credit score
- Have steady income that can support the payments of the car loan
- A debt-to-income ratio below 43%
If you meet these criteria, you should have no problem being a cosigner on your mom’s loan. However, you should understand that you’re undertaking a bit of a risk. If your mom doesn’t pay the loan, you’re on the hook for the payment, which may also damage your credit score if you can’t make the payment yourself.
If your mother isn’t aware already, she will need to have full coverage car insurance when she gets a loan. This can get rather expensive, so tell her to use
Jerry
. Jerry is an insurance broker app that allows you to compare dozens of rates. It even takes care of the paperwork so you don’t have to—it’s just that easy.View full answer
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