How much debt will a credit union let you co sign for?

Question

My son needed a co signer to buy a car, so I went and put my name down for a loan. He is paying faithfully and it has not been problematic. We put about $3K down on the loan.
Now my daughter just got a job and needs a car. She has no money saved and we live in the middle of no where and she has to drive 23 miles to work every day. I cannot loan her my car and she doesnt have anyone to car pool with, so do I co sign another loan for a car payment or do we find another way to get her a car?
How can she get a car? I would like to help her get out of my house and get on her own. She will be working at Walmart.

Answer 1

A credit union or bank will let you co-sign for as much debt as your income and credit rating will allow. Just remember that the amount you co-sign for is deducted from the loan amount you might need in the future. Also if the kid skips out on the payments and doesn't tell you, the loan could go into default you will have to pay for it and it could hurt your credit rating.