Should you co-sign your child’s loan?

When you co-sign for a loan, the loan also affects your credit report and your overall debt-to-income ratio. Should your child make overdue payments or fail to make payments at all, your credit score.

When a friend’s credit isn’t at their best, getting someone to co-sign a loan is a good way to get approval. Before you hit the dotted line, keep in mind just what you’re agreeing to.

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When you cosign a loan, you promise to pay off somebody else’s debt if the borrower stops making payments for any reason. This is a generous act, as it can help a friend or family member get approved for a loan that they otherwise wouldn’t qualify for.

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But why would you want to co-sign in the first place?. Sometimes, parents help out their kids by co-signing loans – usually to help with their.

Although a few good reasons exist for parents to consider cosigning a loan for their children – helping them buy a car or home, or to establish a credit history – cosigning can have huge financial consequences. Here’s why you should never cosign loans for your kids.

When considering whether to co-sign for a child, parents should consider both the child’s financial situation and their own, says Davon Barrett, a junior analyst with Francis Financial in New York. For instance, "if you need a loan shortly after you’ve co-signed, you may have to deal with higher interest rates, or even rejection," Barrett says.

Before you cosign a mortgage. The FTC warns consumers that before they decide to co-sign a loan they need to understand their financial responsibility. You need to figure out if you can truly afford to pay the loan on top of your own mortgage, other debts, and everyday living expenses.

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If you co-sign a loan for someone else, such as a friend or family member,you are responsible for the debt just as your friend or family member would be.

And it should not be surprising. The bank believes that you can pay, but the borrower. But you don’t need to co-sign on a credit card or loan to do that. Instead, recommend that your child or other.

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