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Ask the Experts

Ask The Experts

Cosigning a car loan will hurt fathers credit

My father wants to help me out and cosign a car loan for me but he is afraid that if I was to miss payments his credit would be ruined. Can you let me know if this is true or false? -Tim

I am so glad you asked. It is absolutely true. Tim,

If you are not confident that you can handle this financial responsibility, it might be best to wait until you can qualify on your own. Saving money for a down payment would be a great place to start. For more information, see the section on cosigned loans.

The Advice Team