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Can you be a cosigner for someone else's car loan if you have a cosigner on your own car loan?
"I needed a cosigner when I first bought my car because I didn't have much credit history. Fast-forward a few years, and I finally have a credit score of 770.
My friend also needs a car, but she doesn't have the best credit. She's asked me to cosign on her loan.
Can I cosign for a loan if I already have a cosigner on my own loan?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Maybe, but you need to do a few other things first to see if it will work.
If you’ve truly built up enough credit, you should be able to get a cosigner release for your loan. By doing so, your current cosigner is absolved of any obligations and the loan is entirely in your name. If your lender agrees to this, you probably have built up good enough credit to cosign for someone else.
Here lies the problem: why would you want to cosign for a person who’s proven they can’t be trusted in the past? Never cosign for a loan that’s not for a trusted family member. It will keep you out of financial dire straits.”
View full answer
- Gregory R.
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