Co-sign question?

[GucciUTM]

My fiance doesn't really knows about credit because I take care of that all the time,and today he called me and told me that he signed an application for his friend to check if he can get a car loan.My question is:does that means that he's a cosigner already if he gets approved or he can still say NO or refuse to be a cosigner?  Thank you.

[203bravo]

An application is just an authorization for them to run their credit reports to attempt to set up financing.  They would still have to agree on a deal and sign all the financing documents. So as long as you are sure that it was only a credit application that he has signed.. He is not on the hook yet.

[GucciUTM]

Ok , thank you very much for your help,I really appreciate it, I feel so much better , thank you.

[SamsungHDTV]

Find out where they are on the process. Make sure he doesn't sign anything else.

[wallyworld123]

Hello and welcome! Please explain the advantages and disadvantages to your fiance about credit. Cosigning for another individual is not a good idea in my opinion.

Im glad u asked your question before he signed all of the documents. Just say NOOOOOOOOOOOOOOOOOOOO.

[GucciUTM]

Thank you all for your advice, I really appreciate it. I'm always happy to learn something new and there's a lot to lern about credit.i did explain my fiancé what cosign means and how it can end up, he understood and was really happy he stopped on time.(thanks to me lol).Thank you one more time and I'll definitely come here for help next time I need it.