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Would it help me a lot to get my mom to cosign on a car loan for me? "
"I have good credit and I work two part-time jobs making enough money to afford the car that I want to buy. I got approval through a credit union, but the rate is ridiculous. Would a cosigner help me in this situation?"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“It could help you tremendously. However, it could also ruin your mom’s credit and that relationship for you.
Let’s say you get a year into that car loan and lose one or both of your jobs so you stop making your car payment. Your mom is now on the hook for those car payments. The lender will come after you and then your mom.
A cosigner is taking a big risk helping you out, so make sure you’re shopping for the best deals and taking on a financial responsibility you can handle.“
View full answer
- Gregory R.
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