I know the first response is b/c they don't wanna get stuck paying it off, but really.....

It seems like no matter WHAT the amount was, or no matter who or what it's for, most ppl would rather do ANYTHING than co-sign, it wouldn't matter if it was for 10$ for someone you've known all your life and you know to be relieble, there is just something ppl hate about having their name on a loan.

I was needing a cosigner once and asked this man who was a good friend of mine to do it, and it was for $4000.00 and he would do it and he told me IF he had the money he would just GIVE it to me as a gift and not expect it back before he would co-sign....does that make sense?

To co-sign a loan for another person requires trust in that person and their ability to repay the loan. Unfortunately trust is a very rare commodity these days. And considering the current state of the economy its understanable that trust would be lacking when it comes to matters of finance.

Most people don't want to take that risk. And no matter how well you know someone, it doesn't mean they'll be able to repay the loan. We co-signed for my husband's brother to buy a used car and he lost his job & couldn't pay for it. My husband ended up making the last 6 payments on a car that we didn't even get to drive. So we no longer co-sign loans for anyone.

I know the first response is b/c they don't wanna get stuck paying it off, but really.....


Lol, that's really the only response. There is no, "but really..." If there is a default in paying the loan, you either pay it or have your credit destroyed as well. I really cannot think of anyone who I would do it for at the current time.

We co-signed for my husband's brother to buy a used car and he lost his job & couldn't pay for it. My husband ended up making the last 6 payments on a car that we didn't even get to drive. So we no longer co-sign loans for anyone.

That's a perfect example of why people are, and should be reluctant to co-sign.

I know the first response is b/c they don't wanna get stuck paying it off, but really.....



That's the main issue, but there's also the fact that the loaner's credit (which we all guard like gold these days) could be negatively affected if the loanee defaults.

Te credit part I can understand, BUT when I was trying to find a co-signer, there was more than a couple of ppl who said IF they had the money would actually just GIVE it to me as a gift before they would co-sign.

And I've heard a lot of ppl say, "I wouldn't co sign ANYTHING, I don't care if it was just for 10$, now I would give someone the money if I had it, but I ain't co-signing!" I just don't really get that reasoning.



It reminds me of something else when I was young. I remember ppl use to be reluctant to let you make a long distant call from their phone, it's almost like making a long distant call is the absolute NO-NO!

I remember once wanting to make a L.D. call from someone's phone and they wouldn't let me, and I even OFFERED them the money right there and then, I was going to give it to them right then for them to put on the phone bill and they were like, "No hun I'm sorry, I just don't want it on my phone bill!"

There are just certain things ppl do NOT like to do lol

Somebody who is financial savvy said basically the only people who co-sign nowadays are parents..... :crazy:

Many friendships are lost over this sort of thing.

I think when people say they don't want to, the probably just don't want to hurt the person's feelings and say, I don't trust you to pay me back.

There are VERY few "good" reasons to co-sign a loan.

Would you take the loan in your name alone and then give the person who needs the co-signer the proceeds? In effect, that's what you'd be doing if they lose their ability to repay the loan (or if they simply refuse to pay). You end up being stuck. If you wouldn't do that, you shouldn't co sign.

I think a parent can co-sign on a small loan for a child in order for the child to establish credit. But it shouldn't be for anything more than a credit card with a limit of maybe $250 to $500. And before they do ANYTHING else, make sure they're in the habit of paying off the card in full every month.

Co signing on a car loan for a child can be OK, but if possible, it's much better to have them save up and pay cash (you can kick in some of the purchase price too if the child has shown they can handle responsibility). That's much tougher to do with new cars, but there's really no such thing as a kid who needs a new car. Look for a used car that's in good condition and is safe.

I know the first response is b/c they don't wanna get stuck paying it off, but really.....

It seems like no matter WHAT the amount was, or no matter who or what it's for, most ppl would rather do ANYTHING than co-sign, it wouldn't matter if it was for 10$ for someone you've known all your life and you know to be relieble, there is just something ppl hate about having their name on a loan.

I was needing a cosigner once and asked this man who was a good friend of mine to do it, and it was for $4000.00 and he would do it and he told me IF he had the money he would just GIVE it to me as a gift and not expect it back before he would co-sign....does that make sense?


What did you need a co-signer for? What was the purpose of the loan?

Keep in mind that it's real easy for them to say they'd give you the money if they had it. Take that with a grain of salt, because they probably wouldn't.

I wouldnt even cosign for my fiance on his car loan last year. I know he'll pay it and all but I didnt want to risk something happening to us and him not paying and it fall back on me.

The car is already payed off and now we refuse to take any more loans except when it comes time to buy a house. Besides house we feel that if we cant afford to pay outright then we dont need it

I wouldnt even cosign for my fiance on his car loan last year. I know he'll pay it and all but I didnt want to risk something happening to us and him not paying and it fall back on me.

The car is already payed off and now we refuse to take any more loans except when it comes time to buy a house. Besides house we feel that if we cant afford to pay outright then we dont need it

That's awesome! And that's the only way to be.

And I'm speaking as someone who's been in banking for three decades. IMO, the ONLY time an individual should consider getting a loan is to buy a house. And if you want a credit card for convenience, pay it off in full every month.

I would co sign if A. I had the money to back it and B. I knew the person well, amd C. The amount would be taken into consideration.

Well I kinda think it's good to take out a loan at least once, it's good to establish credit, IF you ever REALLY need a lone someday.

That's awesome! And that's the only way to be.

And I'm speaking as someone who's been in banking for three decades. IMO, the ONLY time an individual should consider getting a loan is to buy a house. And if you want a credit card for convenience, pay it off in full every month.

Absolutely. The finance charges are murder. Better to get a secured loan if possible. I use my crdit card like a debit card. My rule: if I wouldn't lay down cash to buy the item, it stays off the plastic. I always pay my bill in full each month. When you use a credit card this way, it's a wonderful convenience; I hate carrying a lot of cash.

I can only think of a VERY TINY group of people I'd co-sign with. And all are people in my will. I would only lend money/co-sign when I was comfortable with the worst case scenario: that I'd have to foot the bill. So it'd have to be people I would want to give money to anyways.

That's awesome! And that's the only way to be.

And I'm speaking as someone who's been in banking for three decades. IMO, the ONLY time an individual should consider getting a loan is to buy a house. And if you want a credit card for convenience, pay it off in full every month.


We have 3 credit cards. One in my name one in his (came about before we decided to get married) that we each use as our debit cards and pay in full each month. We also have the Target RedCard because we do all of our shopping at Target (groceries and misc.) that we also pay each month.