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Should you cosign a car loan for someone who's not a family member?
"A buddy of mine wants me to cosign for his car loan, but I have my reservations, especially if I'm on the hook for 72 months.
Should you cosign for someone who isn't a family member?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“That’s entirely up to you, but most people will tell you no. Unlike a family member, you don’t have an actual tie to the person if they stop paying, skip town, or you have a falling-out.
As a fallback, suggest that they find a reliable family member with a good credit score to cosign. If they’re a true friend, they won’t take it personally.”
View full answer
- Gregory R.
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