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Can you cosign for multiple car loans?
I have two adult children that were negligent with their credit at a young age. They're only a year apart, and out of nowhere, they both want me to cosign for their loans. Can I cosign for two car loans at the same time?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can cosign for as many
car loans
as you want, provided you have the income to pay for them and a solid credit score.If you’re only signing for your children, you can probably cosign for two loans without much problem. But keep in mind that your debt-to-income ratio will also be a factor. Essentially, your debt (including the car loans) cannot exceed 43% of your income.
The one thing that you might remain wary of is whether you want to be responsible for two car loans for several years. If either of your kids doesn’t pay, you are on the hook for the outstanding loan payment(s). Failure to pay will negatively impact both you and your child(ren)’s credit scores. So, have a frank discussion with your kids about the associated responsibility before you sign.
To save money on other car expenses, your entire family could benefit from downloading
Jerry
. Jerry is an insurance comparison app that shops for low prices with over 50 different insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away!View full answer
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