Is it a big deal to ask someone to cosign for a loan?

It is a very big deal to ask someone to cosign for a loan. If your aunt cosigns, she is liable for the entire amount of the loan. I am sure that you believe that you can make the payments, but things don't always work out the way we think they will. And your mom's bad credit doesn't make her the most reliable source of comfort for your aunt. No matter what you might think now, your aunt could wind up paying the loan if she cosigns. If you ask your aunt to cosign, you should do so with the understanding that she is doing you a great favor if she says yes. You should be appropriately grateful -- and be sure to make all the payments.

It is a big deal to ask anyone to co-sign for you. If you miss a payment then their credit gets affected. Lots of times when a good friend or family member co-signs for someone they have good intentions. The person who is getting co-signed for also has good intentions that they will pay the loan back but sometimes in life things don't go always as planned and you may not be able to make the payments anymore. Where does that leave the person who co-signed for you? They will have to pay your loan back to rescue their credit from being ruined and if they can't afford the payment their credit is messed up now. Personally, I would never ask anyone to co-sign for me and would not ever co-sign for anyone. More on the subject here. http://get-credit-cards.blogspot.com/2008/09/co-signing-for-family-or-friend.html

The legal responsibilities lie with your co-signor (or guarantor) are huge. If you are late for ONE payment the lender can insist your Aunt rpays the WHOLE loan PLUS interest then and there! Questio for you, if you were to get sick or lose your job and missed a payment and the financier did call in the loan from your Aunt - could she pay it that day without pain? If so - then ask her, if not - save up your cash til you can pay cash for what you want,

I have been on both sides by borrowing and loaning money to and from friends and family. Believe me, it's not a comfortable situation when you owe money. You might want to present your situation to your Aunt without outright asking for the cosigning arrangement to see if she offers but you should steer clear. Is the money more important than your relationship? That is what the true question is. If you can't get a loan on your own it's possible that the bank doesn't think you are a good risk to lend to. It scares me that you think a loan is going to change your life. You will be in debt and that's not a good change. Think twice about asking for a loan and allow your Aunt to say "no" without badgering about it. Your best bet is to increase your income and reduce your expenses.

Well, yeah it is a big deal, because whoever cosigns on a loan is equally responsible for every payment being made and on time and for the loan being paid off. So if you mess up and don't make payments then you -really- would give your aunt the shaft and ruin her life because her credit would be ruined. So, yeah, it really is a big deal to cosign on a loan. And since your mom has bad credit that means she is irresponsible and would NOT back you up on the payments and since you have been trained to believe not making loan payments are okay it means your aunt will likely have her life ruined by you and your mom. So, _yeah_ it *really* is a BIG deal for your aunt to cosign on your loan. She has NO reason to do it, none. So if you ask her, the most sensible thing for her to do is turn you down. Remember that. The sensible thing for her to do is turn you down. People don't always do the sensible thing if family is involved, but cosigning on a niece or nephew's loan would be very very unusual. But you can try anyway. Just don't expect it. You know?

It's a huge deal and I would never ask....dont get a loan earn more money.....get another job and change your own life.