Proverbs 11:15 warns against it as does Proverbs 22:26-27 - see below. Co-signing for a stranger should be a difficult decision that depends upon the circumstances and much discernment. As for a family member only upon prayer and thought upon the circumstances and one's ability to assume the debt if all goes wrong:
Proverbs 22:26-27New King James Version (NKJV)
26 Do not be one of those who shakes hands in a pledge,
One of those who is surety for debts;
27 If you have nothing with which to pay,
Why should he take away your bed from under you?
No.
There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.
There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.
TIME!
Because you have taken on the risk of a deadbeat.
Yes.
co- maker,buyer,borrower guarantor???
only if your cosigning
Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.
no
Yes, it will affect your debt to income ratio.
The risk of cosigning on a lease is that the cosigner is responsible for the rent for the leased property even if the other signers do not pay the rent. The landlord can go after one or all of the cosigners on a lease to get rent paid if the lease is not paid for the full term.