Heads up on co-signing loans

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Heads up on co-signing loans

In my opinion, if you co-sign a loan with a family member or a friend, you’re looking for trouble. Granted, if you want to help your child buy his first car, you may need to co-sign because the child does not have credit history yet. The danger is that if your son makes a late payment, the bank will come to you to pay it off. Be extremely judicious who you co-sign for. Because of the risk that another person could damage my credit, I will never co-sign for a friend or family.


It’s not homework, it’s an assignment

Outline the following; read these documents and understand every clause. There’s good and bad risk. Make sure you have the skill set to take a calculated risk?


1. home mortgage(s)

2. credit card agreements and statements

3. car loans or leases

4. insurance contracts


Get answers to these questions:

Do I understand the rules of this contract?

Do I understand the amount of risk I’m taking by agreeing to this contract?

Do I understand tax laws surrounding the contract?

Does the contract fit my priorities? Forget whether you think you deserve it (because you probably do)—can you afford it?

Can I afford to lose all or part of my money by engaging in this contract?

Source: http://www.ArticlePros.com/author.php?Drew Miles
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    About the author

    During my years of law school, I completed an internship with a New York Supreme Court Justice and second legal internship with a law firm and also began investing in real estate. Immediately upon graduating law school and passing the bar exam, I opened my own law practice. From 1988 to 2001, I practiced with my partner under the name Miles and Gillard, where I concentrated in the area of real estate and business law.

    Drew Miles

    Find Out More:
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