Should you cosign a car loan for someone who's not a family member?

"A buddy of mine wants me to cosign for his car loan, but I have my reservations, especially if I'm on the hook for 72 months.

Should you cosign for someone who isn't a family member?"

“That’s entirely up to you, but most people will tell you no. Unlike a family member, you don’t have an actual tie to the person if they stop paying, skip town, or you have a falling-out.
As a fallback, suggest that they find a reliable family member with a good credit score to cosign. If they’re a true friend, they won’t take it personally.”
Eric Schad
Answered on May 28, 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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