How To Cosign On Someone Else’s Auto Financing Loan Without Getting Into Trouble

I have a friend who hasn’t spoken to his grandmother in years because he defaulted in meeting up with the repayment of an auto financing loan that he took and had his grandmother to cosign on. My friends grandmother had to shoulder the responsibility of cleaning up her grandsons mess and paying up the loan that her grandson could not afford to pay. This really made the old lady mad and severed her relationship with that of her grandson.

As an individual, I know that you might have friends and loved one whom you might loved to cosign on auto financing loans for. There is nothing wrong with assisting your friends and loved one by cosigning on their auto financing loan application.

Although cosigning on someone else’s application is something that could be done to show and portray love and care, if one isn’t careful, such an act of love could bring about animosity and discord between two very close friends.

As an individual who intends cosigning on his someone else’s application, before proceeding to cosign on someone’s application, always ensure that the individual whom you are cosigning on his application has the wherewithal to meet up with repayment.

One of the ways of ensuring that someone would be able to meet up with repayment is by ensuring that such a person has a job, or is well employed or has a reliable source of income. From where hence he would be able to source for the funds that he need to finance the repayment of the auto financing loan that you would be cosigning on for him.

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