However, there are a few downsides, so let’s take a look at the pros and cons of having a cosigner on a car loan.
As you can see, most cons aren’t exactly problematic for you (i.e., the car buyer). However, failure to make on-time payments toward the loan each month can drastically impact your cosigner’s finances—not to mention, ruin your relationship with them.
No one ever intends to miss their car payment, but keep in mind that it’s not just your credit that suffers if you do. For this reason, it’s a big ask—and responsibility—to enlist the help of a cosigner in order to qualify for a car loan.