Can I cosign for my mom's car loan?

My mom needs a car, but her credit score is a bit rough. My credit is pretty good and I earn a steady income. Can I cosign for her?

Answer
That’s a sweet gesture for you to do for your mother!
If you want to cosign for her car loan, you just have to meet a few criteria. You must:
  • Have a good credit score
  • Have steady income that can support the payments of the car loan
  • A debt-to-income ratio below 43%
If you meet these criteria, you should have no problem being a cosigner on your mom’s loan. However, you should understand that you’re undertaking a bit of a risk. If your mom doesn’t pay the loan, you’re on the hook for the payment, which may also damage your credit score if you can’t make the payment yourself.
If your mother isn’t aware already, she will need to have full coverage car insurance when she gets a loan. This can get rather expensive, so tell her to use Jerry. Jerry is an insurance broker app that allows you to compare dozens of rates. It even takes care of the paperwork so you don’t have to—it’s just that easy.
Eric Schad
Answered on Oct 21, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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