@Anonymous wrote:My dad is a very financially responsible person, but had to file bankruptcy many years back over a cosigned loan. DON'T do it.Just FYI, when I was refinancing my motorcycle loan, the lady at my CU told me that my mom cosigning would only help the approval if I had bad credit, it would not affect my rate. I don't know if she was misinformed or if this is standard practice or just for my CU, but you cosigning might not get him a good rate anyway. I think a lot of places just use the primary borrower's CR and CS for coming up with a rate.Before cosigning, think to yourself, do I love this person so much that if they couldn't pay on this loan I would have no problem taking it over? Just imagine you are signing to buy them a truck. I would cosign for a daughter, son or spouse but under no other circumstances. If your friends are trustworthy, they would have good credit. Maybe if it was a really close friend with no credit because they had no loans or CC up to that point I would consider it. I mean really close friend, though.
Well, maybe it's just me, but if I were that "really close friend," I wouldn't dream of asking a "really close friend" to co-sign!!
I'd rather not test a friendship that way ... especially since, IMHO, friends are worth more than mere money -- much less a possibly better interest rate!!
