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Who's the best candidate for a cosigner for a car loan?
Who's the best candidate for a car loan cosigner? I want to get a car loan but my credit isn't great. My lender told me to get a cosigner and approval wouldn't be a problem. I've asked a close friend if he'd be a cosigner, but he's reluctant. My aunt said she would do it, but I have my reservations.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“In general, a family member is the best candidate for a cosigner. This is because of your ties to them.
In most cases, you wouldn’t want to hurt the
credit
or trust of a family member. You don’t want to hurt a friend either, but if you have a falling out with your friend, you may become apathetic and default on the loan.The basic rule is that the closer the family member, the better the cosigner. If you can avoid having friends cosign, it will take a ton of stress off the relationship so you can just do what you do best: remain friends.
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