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Can you cosign for multiple car loans?
I have two adult children that were negligent with their credit at a young age. They're only a year apart, and out of nowhere, they both want me to cosign for their loans. Can I cosign for two car loans at the same time?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can cosign for as many
car loans
as you want, provided you have the income to pay for them and a solid credit score.If you’re only signing for your children, you can probably cosign for two loans without much problem, but remember your debt-to-income ratio will also be a factor. Essentially, your debt (including the car loans) cannot exceed 43% of your income.
Keep in mind: If either of your kids doesn’t pay, you are on the hook for the outstanding loan payment(s). Failure to pay will negatively impact both you and your child(ren)’s credit scores. So, have a frank discussion with your kids about the associated responsibility before you sign.
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