My boyfriend is having some finacial problems and we are working on buying a place of our own in the near future, but he has some out standing bills. Which need to be paid off. So he is able to get a loan to pay every thing off, but he needs a co signer. He asked me too. I have been dating him for two years, we are pretty serious, but I am not sure if it is a smart idea to co-sign a loan...Please someone give me some advise..
2007-01-24 08:02:45 · 20 answers · asked by Confused 1 in Business & Finance ➔ Credit
In almost all cases, the co-signer is the one who usually ends up paying for the debt. Don't do it. First of all, he should be smart enough to handle his debts on his own, that's number one. If he needs a co-signer, that means he hasn't taken care of his credit so that he can get a loan on his own. Second, anyone who has any respect for you would not put you in a position where you might (and probably will) be liable for their debt down the road.
2007-01-25 06:23:49 · answer #1 · answered by Kevin K 3 · 0⤊ 0⤋
My boyfriend and I have been dating for two and half years, live together, and so serious we talk about marriage. YEt Still, i would not co sign a loan with him. I work in banking and have seen this happen, where the co signor becomes responsible for their significant others when the partner ends up not making payments. This can alos affect your credit.
I would tell him that this can only be bad for the relationship, it can cause much tensions, and that this is the kind of responsibility of a married couple takes on. I'd tell him t o find someone else, like a parent, to co sign his loan.
If a parent will not cosign, you should start questioning why and take that knowledge when deciding what to do.
2007-01-24 08:12:45 · answer #2 · answered by faintvisions 1 · 0⤊ 0⤋
NOOOOOO
never, ever, ever co-sign a loan for anyone. If someone needs a cosigner it just means the bank says the statisicts of this person ever paying this loan back is ZERO! Which would mean when he defults on the loan, you are stuck with the balance.
If you were married you could have a joint application. But never, ever co-sign on a loan.
I suggest you both read The Total Money Makeover by Ramsey and if you are looking to marry, attend his Financial Peace University (FPU) class.
2007-01-24 08:17:54 · answer #3 · answered by mldjay 5 · 1⤊ 0⤋
Sorry if this isn't the answer you want to hear.....No. You absolutely should not co-sign this loan. It will only lead to trouble. If something ever happens between the two of you, your credit can suffer severely as you will be equally responsible for this money. If you were married, you should co-sign, but it's a different story if you're just dating.
It may be tough for you not to do it, but in the end, it will be best.
2007-01-24 08:08:30 · answer #4 · answered by john s 2 · 2⤊ 0⤋
Boyfriends/Girlfriends & Wives/Husbands may come and go throughout your life, but you credit will follow you to the grave. I would advise against it. But he would be better off getting a loan on his own. He might have to work a 2nd or 3rd job to pay off those other debts. Taking out another loan would only icrease stress for both of you and would probably increase the likelyhood that you not work out in the long run.
2007-01-24 08:10:41 · answer #5 · answered by John Z 1 · 0⤊ 0⤋
NO NO NO NO NO!!! Never co sign for another person, whether it is your child or your mother or your boyfriend. NEVER!!!!!!
The only exception is when you are married and then you fill out a joint application. If you are serious about marriage then get married first and work out your financial problems together. If you are not willing to do this for him than maybe he's not the one for you. Good luck!
2007-01-24 12:27:33 · answer #6 · answered by Anonymous · 0⤊ 0⤋
When you co-sign the loan, YOU are promising to pay it. I think this is a very good thing. It is a great gift for your boy friend (soon to be ex-boy friend). You have too much money, anyway.
2007-01-24 08:10:37 · answer #7 · answered by morningfoxnorth 6 · 0⤊ 0⤋
NO NO NO NO NO NO, NO matter who the person is, Friend family, or whatever they can't get their own credit because they have proved that they don't pay their bills, if you co-sign and he defaults it messes up YOUR credit as a co-signer. Under NO circumstances ever co-sign.
2007-01-24 08:08:22 · answer #8 · answered by topdawgco97 4 · 2⤊ 0⤋
If your have doubts then dont do it. It doesnt mean you love him less, but listen to that little voice. Believe me i have been through this. My brother-in-law ask me to cosign for an Apt. and my husband said that hes family we can trust him. Well i ended up having to pay $2,000 of my own money cause he refused to pay for the damages and things when his lease was up. he said he didnt do it he shouldnt have to pay, but i uess he thought since i didnt even live there i should have to pay! Just be careful, it seems that is those who your closest to are the first to screw you. Write up some sort of document that he has to sign promising that he will pay it off and you have no obligation to it. it wont be legal, but if anything were to happen you could take him to small claims court and they would allow the document.
2007-01-24 08:10:16 · answer #9 · answered by Angel 2 · 0⤊ 0⤋
my expensive youthful woman, a short lecture As you recognize, in case you toss some thing up contained in the air it is going to come decrease backtrack. that is what you want to do. convey your spending decrease backtrack. end of lecture. i imagine your boyfriend is telling you to relax down and merely keep going. From his standpoint you're already making secure progression to lessen your charges, and fiddling round with issues is a waste of time. If he's not stupid sufficient to lend you money why might want to he handle your own loan probability? end spending.
2016-12-03 00:14:55 · answer #10 · answered by barby 3 · 0⤊ 0⤋