Title, I'm not really sure if this is the right call for us right now.
Some background: I (26M) am engaged to my lovely fiance (27F) and we are getting married at the end of this year. Recently, her car was totaled in an accident, and her insurance covered the remainder of her car loan. Still, we're left buying a new used car from scratch.
For some background: her credit isn't super great. She tells me it's in the low 600's. Mine is quite a bit better, but not amazing by any means.
She talked to our credit union this morning, and was told that she likely couldn't get approved for the car she wanted to purchase (about $18k) with her current credit, but could with a co-signer. She asked me if I'd be willing to. Now, the actual duties and responsibilities of being a co-signer are fine to me. If she came up short on a payment, I could spot her. I'm more concerned about the impact on my credit--everything I'm reading says that, on my credit report, it'd be the equivalent of me taking out a car loan myself. This is really problematic for me because I'm going to need to buy a new car for myself very soon. I've been driving the same 2005 Chevy for about 9 years, and it's on its last legs, and I'm worried that co-signing her loan would make it harder (if not impossible) for me to get my own in the near future. She said that she would just co-sign me back when I need it but... that sounds like it doubles the problem? This is uncharted territory for me and I'd really love some advice.
Submitted September 09, 2021 at 12:41AM by Similar-Cod-8192 https://ift.tt/3nhu9NI
