Can I sign a secondary contract with the cosigner of my auto loan?

[Alimo7411]

I'm in desperate need of an auto loan and can't get approved anywhere without a cosigner. My credit is horrible due to some bad financial decisions in college. The only person that would possibly be able to cosign for me is my boyfriend of 7 years, but he refuses to do so because of all the "what ifs", like what if we broke up or what if I default and he's stuck with an $18k debt (which WONT happen). Can I sign a contract with him personally that states I would take full responsibility should a situation arise, to help ease his mind and convince him to help me?

[09Lexie]

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@Alimo7411 wrote:
I'm in desperate need of an auto loan and can't get approved anywhere without a cosigner. My credit is horrible due to some bad financial decisions in college. The only person that would possibly be able to cosign for me is my boyfriend of 7 years, but he refuses to do so because of all the "what ifs", like what if we broke up or what if I default and he's stuck with an $18k debt (which WONT happen). Can I sign a contract with him personally that states I would take full responsibility should a situation arise, to help ease his mind and convince him to help me?

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Any contract he signs will not discharge his responsibility with the lender in case of default. Tbh, I agree with him because you never know what the future holds.  

There are some lenders that will lend to those with credit deficiencies.  If you want help with finding a lender you might need to give some back story on your credit profile.  

Have you worked on getting the negatives removed?

[StartingOver10]

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@09Lexie wrote:

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@Alimo7411 wrote:
I'm in desperate need of an auto loan and can't get approved anywhere without a cosigner. My credit is horrible due to some bad financial decisions in college. The only person that would possibly be able to cosign for me is my boyfriend of 7 years, but he refuses to do so because of all the "what ifs", like what if we broke up or what if I default and he's stuck with an $18k debt (which WONT happen). Can I sign a contract with him personally that states I would take full responsibility should a situation arise, to help ease his mind and convince him to help me?

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Any contract he signs will not discharge his responsibility with the lender in case of default. Tbh, I agree with him because you never know what the future holds.  

There are some lenders that will lend to those with credit deficiencies.  If you want help with finding a lender you might need to give some back story on your credit profile.  

Have you worked on getting the negatives removed?

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^^^So true. I agree with both Lexie and your boyfriend.  No one needs to spend $18k on a vehicle. You can get a decent vehicle for much less than $18k. If the issue is your credit then spend a little bit of time here in the rebuilding forum so you can boost your score to acceptable levels. It can be done more quickly than you might think. If you do that, you will feel much better getting the vehicle on your own and not having to rely on someone else's good credit. It also won't put a strain on your relationship with your boyfriend. Life happens. It's how you fix the mistakes that make a difference.

[Remember0]

Two posters above know exactly what they're talking about! The contract you'd sign with BF allows him to sue you to enforce it if the provisions are tripped. But as said above, he's still responsible for keeping the co-signed loan current. The contract you sign just allows him to later come after you for the payments he has to make on the initial loan itself. Not sure if that helps...either way, he still has to deal with the possibility of being on the hook for 18k.

Do me a favor and fill this out...if you don't want to pay the $10 for your score on this site (if you do buy, buy EQ), get a free score from a place like Credit Karma at least.

Credit Score:

AAoA:

# of positive trade lines:

# of negative trade lines:

Pre-tax gross income:

Lenght of Employment:

Previous Loan Experience:

Rent:

Aggregate monthly minimum payments on credit cards:

Year of Car:

Miles:

Requested loan term (XX Months):

Down payment amount: