He has to have a work truck to continue in the job he has.
He has no credit....but after 15 years I finally got mine all cleaned up and good......Should I do it?
2006-07-31 14:41:27 · 6 answers · asked by Anne S 2 in Business & Finance ➔ Credit
You know him better than anyone, so if he's proven that he's responsible enough to take care of the loan, then I see no problem. My dad co-signed a loan on my first car, and I never missed a payment. However, my irresponsible sister also suckered him into co-signing for her car, and he now has absolutely horrible credit as she consistently misses her car payments, and he can't get off the loan. His credit is screwed, he can't get off the loan, and he regrets it. I would be hesitant to sign a loan for a young kid like that as he may not understand the importance of paying on time and managing his finances.
2006-07-31 14:54:50 · answer #1 · answered by Rexy 3 · 2⤊ 1⤋
Here's something else to consider: even if he is making the payments, because you are a co-signer, that debt will show up on your credit report. If you decide to buy a house it will show up as a monthly payment that you will have to make and may affect how much mortgage you qualify for. And again, if he misses even one payment it will drop your credit score. Your credit score affects more than just your interest rate. It will affect your car insurance rate, your abilty to get utilities hooked up without a downpayment, your job applications etc...
2006-07-31 22:16:36 · answer #2 · answered by amkornele 3 · 0⤊ 0⤋
IF YOU SIGN WITH HIM AND HE SCREWS UP OR DEFAULTS FOR ANY REASON YOU WILL BE PAYING FOR IT. IF YOU CAN'T AFFORD TO MAKE HIS PAYMENTS UNDER ANY SITUATION THEN SCREAM AND RUN..... NO OFFENSE. IS IT POSSIBLE TO FIX THE ONE HE HAS? THAT WOULD BE BETTER THAN BUYING A NEW ONE AND MAYBE HE COULD SWING IT. IF HE IS 20 THEN HE SHOULD HAVE BEEN WORKING ON HIS OWN CREDIT. I LOVE MY KIDS BUT I HAVE TO STOP AND SAY NO SOMETIMES, IT'S YOUR DECISION IF YOU THINK YOU CAN HANDLE IT.
2006-07-31 22:22:39 · answer #3 · answered by X 4 · 0⤊ 0⤋
If you cosign, you are 100% liable if he defaults. The lender can come after you for the full amount without even trying to collect form him. If you still want to trust him, that's your call.
2006-07-31 22:39:10 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
do you trust him to make his own payments...that's what it all boils down to...
if he doesn't it's your problem then, and it won't hurt your credit until you don't pay after that.
2006-07-31 21:47:26 · answer #5 · answered by mackdaddy_mc 2 · 0⤊ 0⤋
His your son, you should do it for him.
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2006-07-31 22:41:35 · answer #6 · answered by BIjan 2 · 0⤊ 0⤋