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"Can my employer cosign on a car loan for me? "

"I am working full-time for a small business owned by a family friend. I need a car, but I don’t have any credit. Could my boss cosign on a car loan for me? I am 17 years old and have been working for this business since age 15.

"

Johnny Puckett · Updated on May 5, 2021

Reviewed by Shannon Martin, Licensed Insurance Agent.

“First and foremost, it is not legal for you as a minor to sign a legally binding contract. Therefore you cannot get a car loan, whether you have a cosigner or not.

Now, as for getting your boss to cosign on a car loan, mixing personal financial agreements and business is a huge mistake. When someone agrees to cosign on a loan, they are saying to the lender, “If this person fails to pay you on time, I will.”

That means that if you are late on a payment, the negative mark will affect both your and your boss’s credit scores, which will in turn limit your boss’s buying power and possibly cost them business.

And no matter how good of a friend your boss is, there’s a good chance that they could flat-out reject you if you ask them to be a cosigner.”

View full answer

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