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My child needs a car, should I co-sign?

December 17, 2016

My child needs a car, should I co-sign?

 

If you decide to co-sign any loan, you become what is known as a “guarantor” for the debt.  This means that if the primary debtor defaults on the loan, the lender can immediately sue you!  The lender does NOT have to go after the debtor, then sue you subsequently, but rather can bypass the debtor and go directly after you.  It is for this reason that co-signing is usually a bad idea.  If someone needs a co-signor, it usually means that the debtor cannot actually afford the car or has horrible credit.  The better option is to build the credit, or buy a used car in cash if the need is immediate.  It is important to stay within your means!

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