Site Archives Co-Signing
I Am Determined to Become a Cosigner
While I believe that biblical concepts and practical horse sense suggests strongly that you do not do so, and that cosigning anything is a huge mistake you most likely will regret, if you so insist, here are a few guidelines.
· Be aware that you are borrowing the […]
Peace of Mind
Are you able to sleep well at night and wake up the next morning fully rested? If so, you might want to ensure that you continue in good health by not co-signing a loan.
If you lose the ability to get a good night’s rest by helping out a friend, you […]
Friendship and Relationships
One of the reasons people consider helping a friend or relative is to be a nice person. But ask yourself this. How long is the friendship going to continue if you are always asking whether or not the person has made the loan payment.
Even if you don’t ask, every time […]
More Than You Thought Is Owed
In the event of loan default, all that extra expense, transaction fees, legal fees, etc., will be added on to your bill as a cosigner. You could increase your debt obligation to nearly $30,000 less the proceeds from the sale of the vehicle.
In this scenario, you could […]
There is always the possibility that what you cosign could be repossessed, leaving you still on the hook for most of the outstanding loan. Ask any credit union or bank how they come out financially when goods are repossessed. Repossession is usually a financial disaster for both the borrower and the lender. […]
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