Can we stand as guarantors for our son in law who has a bad credit rating to buy a new car?
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Just remember that if no one will loan him the money without a cosigner, the co-signer WILL end up paying the loan. The best way to help is assisting him to find a CHEAP car he does not need a loan to buy. Giving or loaning money to someone that has not learned to control their finances has been compared to "giving a drunk a drink". In the long run, it does more harm than good.
By the way, YOU can't afford a NEW car either, unless you have CASH lying around. If you did, you would not be asking this question.
Can we stand as guarantors for our son in law who has a bad credit rating to buy a new car?At your own BIG risk, bad credit rating due to a few late payments, well thats what he is telling you! So it must be true!
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