CO-SIGNING question, anyone know anything about loans?
haffajappa
Posts: 5,955
My boyfriend's mom just backed out on being the co-signer for the car loan and now he can't get the car he wants. Right now he has a good job but has no credit and too much pride to ask my parents to co-sign. I have great credit but not a great paying job as I'm a student. (opposite problems!)
Can I co-sign a loan for him if I have really good credit but not that great of a job?
My mom was also thinking that if i had the money in the bank I could still co-sign for him... Anyone good at this stuff? I've never bought a car before, i'm more of a transit person
, so I've no idea.
Can I co-sign a loan for him if I have really good credit but not that great of a job?
My mom was also thinking that if i had the money in the bank I could still co-sign for him... Anyone good at this stuff? I've never bought a car before, i'm more of a transit person
, so I've no idea. live pearl jam is best pearl jam
Post edited by Unknown User on
0
Comments
but i'd still like to know what the options are...
Good Luck.
Help him to find out what HIS options are. Probably re-build his credit is first and foremost, not just for this purchase for for the larger picture. If he can get ANY car on his own, wether it's the one he WANTS or not, he should get it. If he's begging for cosigners because he wants a fuckin' sweet ride, tell him to suck it up and get the affordable junker. Even that will help re-build his credit (meaning on-time payments for the duration of having the loan) so that in a couple years, he can qualify for a better loan and trade the junker in.
Another way to rebuild credit (assuming he's paid/ paying off his current debts and is not making his situation worse as we speak) is to SAVE MONEY. ON A REGULAR BASIS. As if he were paying off a loan, but to himself. It won't actually change his credit score, but it looks good to the bank. Again, only if he has paid off his debts. If not, PAY OFF THE DEBTS. Once debts are gone, only time can heal the wound.
Every person's situation is different, so without specifics, that's the best advice I can give.
Why did his mother back out? Does she think he won't be reliable?
Did you know that if you co-sign for his loan, you will be responsible for it if he defaults on it? Do you want to take that on? What if you break up?
How do you think this will affect your relationship either way? Will he appreciate it? (or) Do you think he'll feel emasculated? (or) Will you feel uncomfortable? (or) Will it make you both feel closer?
All these things occur to me.
i know if he defaults its comes on me, and i know there is risk of breaking up i'm not that naive.
his mother backed out because his mother is that way. he doesn't have a great relationship with his family and for some reason he seems to get the short end of the stick. a good example is how his mother paid for his 2 sisters to go to school but they told him to get a job and pay himself. there are a lot of things that id ont like about her and kind of expected her to bail on him.
so my questions are based on my situation can i co-sign him, not DO I WANT to co-sign him.
no offense, but i appreciate everyone's worry.
this is no way set in stone either (my decision to do it anyways)
The fact is he might not even LET me co=sign, but i'm trying to figure out my options if i want to help him out.
you may be able to cosign, but that will be up to the bank that is loaning the money. just be prepared to pay on the loan if he goes belly up.
my suggestion would be to drive current car longer and save more money and then he could buy on his own.
or if he needs a car, then buy a lesser car. we don't all need fancy cars today. tommorrow is ok sometimes.
well he is going to buy a bit cheaper one if he can't get this one, but its such a good deal its painful to see him pass up the car he wants. and its really NOT an expensive car.
he definitely needs a car for his job... don't get me wrong he will buy a cheaper one if need be but if i can help him out i'd gladly do it.
so i'm just trying to find out some options
assuming you can, it becomes a personal question, based on you and your relationship
If you do not have CASH money in the bank for the car! DO NOT CO SIGN!!!!!!!!! BUY your own car and drive him places when you can.
Please don't. This is the biggest scam I know. If he takes off tomorrow with the car you bought. Can you afford the monthly payments and live with the fact you will never own the car or see him again?
If he needs a car, and has a good job.. his credit should eventually return. He shouldn't ask your parents either. (RED FLAG)
Sorry, don't come around here often anymore. Never realised I had replies to this, actually forgot I had asked about it.
In the end we never co-signed. He wouldn't have let my mom do it anyways, he is a good guy when it comes to that stuff and I guess I was playing with the idea at the time.
We broke up before Christmas 2012, we still talk, are friends etc. Not sure if he ever got the car he wanted (3 years later?).
As for me... got myself a pretty nice VW Rabbit... awwww yeuh
half....of a JAPPA!!! how are you?
glad to see you opted not to do this. if you had great credit, you most likely could have. but i come across so many people with co-signing horror stories every day, i would never do it. even for a family member. if that person goes late just one time, both of your credit is fucked.
been a while huh?
that's why when I saw this thread I was like, who the hell would ask a-- oh it was me.
...the hell?