Question about cosigning an auto loan and student loan

[Anonymous]

Quick question, my brother asked if I would cosign a loan for an automobile, the loan will be 4 years $15k. I was planning on getting my masters some time in the near future, and taking a loan out under my own name. I've had my job for a little less than a year now. If I cosign the loan, will it hurt my chances in getting a loan for graduate school?

Thanks!

[xosamandaxo]

not trying to be negative, but cosigning for anyone is a horrible idea unless you have the $$ to back up someone if they can no longer afford their payments.

why does your brother need a cosigner? does he not have enough credit/ a thin credit file? in that case, he needs to spend a few months building.

if he has bad credit because of cc debt, collections, etc, how are you so sure he will be reliable with his car payments?

can he buy a cheap used car with a private seller until he can improve his credit?

i have bad credit (mostly due to student loans) and i'm doing the BEST i can to raise it so i can get a new car in 2015. even though i am reliable with a steady job, i'd never ask someone to cosign because you NEVER KNOW what could happen.

i love my brother but there's no way in helllllllll i'd cosign anything unless he gave me minimum 3-6 months of monthly car payments up front so I could put in the bank in the event he can not pay his bill.

*also, I want to add that even with bad credit, YOU CAN buy a car without a cosigner. his interest will NOT be good, but once his credit improves he can refinance and get a better rate.

[SCF]

 Everything xos said is important for you to consider.  You should think very carefully about co-signing a loan for anyone.  To answer your questions though - federal student loans do not have credit requirements, and the amount you can borrow will be based on the Cost of Attendance at your school and the total amount you're allowed by federal law.  Private loans, however, do require a credit check and they will certainly look at your debt-to-income ratio and ability to repay.  The co-signed car loan might impact the amount you can borrow, or even prevent you from borrowing without a co-signer.