if i co-sign for my brother?

Question

if i co-sign for a car for my brother will that keep me from getting a car for myself next year

Answer 1

beware!

Answer 2

Tell him that you will co sign for the car when and only when he does the following. 1. Gets and keeps the same job for over a year. 2. Meets reguualarly with his parole officer. 3. Abides by all conditions of his parole. 4. Gets a driver's license so he can drive legally. 5. Pays off the cell phone bill on your credit report. Tell him that your credit is very bad because of that cell phone bill (it will knock off 100 points on your credit score) and that you'll help him out when he gets his life in order. Tough love as described above is what's called for here. Also, if you help him get a car and he drives it without insurance or a license you can get in serious trouble and he can go back to jail and you might to for aiding and abetting.

Answer 3

Yes it could. It all depends on how your credit is, how many accounts you already have open and what types of accounts you have. I would look into getting a copy of your credit report and talking this over with someone who is qualified to give you an answer on how this will work out for you.

Remember, even though he is your brother doesn't mean he will make those car payments. Don't do anything that will jeopardize your future.

Answer 4

Maybe - it's a debt that you are fully responsible for. It will look like an outstanding loan, in your name - which it is.

What happens if your brother doesn't pay? Then you have to make his car payments for him. He'll still own the car - but YOU have to make the payments.

And you KNOW he's going to default on the payments. If he was financially sound and good for the loan, he wouldn't need someone to cosign for him.

Answer 5

I know he's your brother and you want to help, but before you do, make sure his finances are in order, and he has the means to pay for the car he's getting, including insurance, gas, and emergency fixes. Because if he doesn't qualify for the loan on his own, there is probably a valid reason.
How many liabilites is he responsible for each month? Does he have enough money to prevent himself from needing more of your financial help in the future?

Think about it for longer than a day, don't let him pressure you. Make a decision based on your gut.

Answer 6

Co-signing is NEVER a good idea, for anyone involved. If your brother can't get a car himself maybe he shouldn't have one. If you were to co-sign and he doesn't make the payments, YOU are responsible, and yes, it could affect you getting a car in the future. Just don't do it.

Answer 7

It's never a good idea to be a co-signer for anyone (NOT EVEN FAMILY). If the car gets repo or if your brother returns the car because he can't afford it, then the bad credit will fall back on you as well as him.

Please don't do it.

Cheers

Answer 8

It does reflect on your credit report. It could cause your down payment to be higher. My sister co-signed for my car, and she bought a new van(approximately 1 year later), but her credit was excellent.

Answer 9

It might. It depends on how good your credit rating is. If co-signing for the car and a loan for a car yourself wouldn't place you past your credit limit, then you wouldn't be in any jeopardy.

Answer 10

Depends on how much you make, because when you co-sign you are taking responsibility for that debt in case the person you are signing for is unable to meet their financial obligations.

Creditors will definitely see that as money that YOU owe when looking at your financial info.

Answer 11

Depends on your job and credit score. But YES. his note is your obligation.

Is he trustworthy? Does he do what he is supposed to do? Can you make the payments when he does not? If any of those of no.....then don't do it. If you decide to do it anyway have the title put in your name. If you have to pay his payments you can pick up the car.