If you have been asked to co-sign on a loan, there are things to think about. How well do you know this person and why are you co-signing? If you are a parent co-signing for your child’s car or student loan, you may feel like it is for the right reasons. You are trying to make sure your child has a car to get to work or school, or to make sure they can get a college degree. But, if you are co-signing for a friend’s car loan because they have bad credit, this may not be a good reason. Do you understand that you are responsible for the full amount of the loan? This is the legal principle of joint and several liability.
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