Co signing a loan
February 18, 2019
I’m Miriam Neff-with STARTING OVER FINANCIALLY,-and I’m Valerie Neff Hogan, and we’re here to talk about money
M Have you been taught ‘never say never?’ We have a ‘never’ for you. Never co sign a loan. You can not, repeat, NOT get out of it. Even by dying.
- Why is that person asking for a cosigner? Because lenders have determined that person is a poor risk, they will not take. So why are you willing to take that risk?
Would you be willing to give that person that amount as a gift? Probably not. Whether car, even cosigning on an apartment, how accountable are they?
M Not cosigning means that individual must face their reality. Save for a down payment, or lesser used car. Buy a home based on their resources. Life lessons for sure. Scripture says be neither a borrower or lender.