if i co-sign for my brother?

RockyFella

I don't think so, as long as the payments are made on time..it shouldn't reflex on you.

Chris

It may up your finance charge.

JustMy Opinion

Only if he is late making payments or skipping any!
You better be on his butt about it!
Your credit is in his hands now...

Gaurd

Only if he doesn't make the payments.

UCANTCME

YES IT WILL PLAY A BIG PART UNLESS YOU HAVE CREDIT SCORE OF ABOVE 875.

GOOD LUCK

Patrick S

Expect the repo-man within a year.

cheeka2162

dont do it. you'll end up getting screwed somehow and you guys will end up fighting a lot

fiofunk

depends on how much money you're bringing in. You'll have to get re-approved and they'll count your brothers car loan against your income.

Hope he's trustworthy. It's nice you want to help him out....but don't jeopardize your credit in the process! Can you afford to make his payments and not get angry with him if he can't!? I'd rather not loan, than end up getting screwed and angry with my own brother.
Peace

royalblue

I wouldn't. Bad idea. You'll be financially liable if he doesn't pay. Don't mix business and family.

smckech1972

It could because even though he will be the one making payments, the fact that if he would default on the loan and it would become your responsibility would show as a liability.

1iluv

It could. It could also affect your interest rate. if he needs a co-signer then there is a high probability that he will negatively affect your credit.

Catherine E

Bad idea.

Do you have parents or something that could co-sign for him?

Yggdrasil Mithos Symphonia

It could.

Heather

Only do it if you KNOW FOR SURE that he can make all the payments.

hailey998

I know he's your brother and you want to help, but before you do, make sure his finances are in order, and he has the means to pay for the car he's getting, including insurance, gas, and emergency fixes. Because if he doesn't qualify for the loan on his own, there is probably a valid reason.
How many liabilites is he responsible for each month? Does he have enough money to prevent himself from needing more of your financial help in the future?

Think about it for longer than a day, don't let him pressure you. Make a decision based on your gut.

tatersgrl88

It could depending on how much his payment is and how much your income is.

mbrcatz

Maybe - it's a debt that you are fully responsible for. It will look like an outstanding loan, in your name - which it is.

What happens if your brother doesn't pay? Then you have to make his car payments for him. He'll still own the car - but YOU have to make the payments.

And you KNOW he's going to default on the payments. If he was financially sound and good for the loan, he wouldn't need someone to cosign for him.

nite_angelica

Depends on how much you make, because when you co-sign you are taking responsibility for that debt in case the person you are signing for is unable to meet their financial obligations.

Creditors will definitely see that as money that YOU owe when looking at your financial info.

Jacob A

It might. It depends on how good your credit rating is. If co-signing for the car and a loan for a car yourself wouldn't place you past your credit limit, then you wouldn't be in any jeopardy.

SunnyMoon

It might if your credit isn't perfect or if your income isn't very high. But, if you have a very high credit score, little to no debt, and make very good money, you'll be fine.

Sam J

It all depends on your credit history,
clearly if you are capable of co-signing for you brother, you are capable of making a purchase for yourself that requires a loan. You should be alright, but be careful if you brother defaults its your responsiblity.

Daft One

It's never a good idea to be a co-signer for anyone (NOT EVEN FAMILY). If the car gets repo or if your brother returns the car because he can't afford it, then the bad credit will fall back on you as well as him.

Please don't do it.

Cheers

jefskta

It does reflect on your credit report. It could cause your down payment to be higher. My sister co-signed for my car, and she bought a new van(approximately 1 year later), but her credit was excellent.

Jennifer H

depends on 1. how much outstanding debt you have, 2. how much your income is, and 3. what your credit score is.

Lyn B

Depends on your job and credit score. But YES. his note is your obligation.

Is he trustworthy? Does he do what he is supposed to do? Can you make the payments when he does not? If any of those of no.....then don't do it. If you decide to do it anyway have the title put in your name. If you have to pay his payments you can pick up the car.

tone

possibly will depending on your credit score and how timely he makes payments, plus you are also responsible for payments if he doesn't pay. it can negatively affect your credit, make a financial hardship on you.

N L

It probably will. And don't forget - if he doesn't pay for the loan, it's your responsibility. That's one reason why I'd NEVER, EVER co-sign on a loan, no matter WHO it is.

Little Miss Sunshine

Don't. It's a very bad idea. One that might turn to bite you in the butt later. Let him establish his own credit. There's a reason he needs a cosigner, usually it's not a good reason.

TLEE

I WOULDNT SUGGEST IT, IF YOUR BROTHER DOESNT KEEP UP HIS END OF THE DEAL WITH PAYING FOR THE LOAN THEN YOU WILL BE STUCK PAYING IT OR YOUR CREDIT SCORE WILL BE AFFECTED MAJOR!

colleenjp78

Yes it could. It all depends on how your credit is, how many accounts you already have open and what types of accounts you have. I would look into getting a copy of your credit report and talking this over with someone who is qualified to give you an answer on how this will work out for you.

Remember, even though he is your brother doesn't mean he will make those car payments. Don't do anything that will jeopardize your future.

*TWEET*

beware!

eric

if you co-sign for a car for your brother well don't do it, if he need you to co-sign that mean his got bad credit u will get one to like i did, my credit was over 800 now is 612 thank you brother.

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