A good co-signer was somebody who agrees to consider obligations for an effective loan’s payment if the the fresh new borrower becomes struggling to pay it off. Implementing which have good co-signer can help raise your likelihood of being approved having an effective loan that you may possibly if not perhaps not qualify for oneself. Of several earliest-day borrowers find they don’t have enough credit history to take out a loan, so a beneficial co-signer could well be something they manage imagine.
Just before asking you to definitely cosign that loan along with you, you can find points that you and your prospective co-signer must look into: