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What happens if I cosign for a car loan?
My son is 24 years old and he just graduated from grad school. He wants a car, but he doesn't have any income quite yet. I was going to cosign for him, but I'm not sure how the process works. What do I need to do as a cosigner?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s great that your son has graduated! I’m sure you’re very proud.
Cosigning for a
car loan
is a great way to get your son the transportation he needs while he is starting out.When you cosign for the loan, you’re basically saying that you’re responsible for the payments if your son fails to make the car note payment on time. If he defaults, the lack of payment can damage your credit, and lenders and collectors may come after you or your assets to make the payments.
Along with cosigning, you also need to budget or discuss a budget with your son for car insurance. Car loans require full coverage car insurance per the stipulations of the loan.
To get quotes from up to 50 providers, use the
Jerry
app. Sign up in minutes, and you and your son can peruse the options for coverage so you get the best policy for your needs. Jerry will even take care of the paperwork for you! View full answer
- Gregory R.
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