My son has no credit. Can he still get this loan if I, his mother co-signs?

Asked by Jan 25, 2016 at 08:11 PM

Question type: Shopping & Pricing

Can my son get the loan the loan calculater estimated if he has no credit? I
his mother can co-sign.

6 Answers


IMO, I wouldn't co-sign a loan if I was you. If he has no credit he should wait to buy a new car till he does. Buy a used car cash that he can afford and save up and be patient. But that's my 2 cents.

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Save your relationship and DON'T co-sign the loan. Encourage him to save his money until he can afford a decent used car.

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If you have good credit he should be able to. But there are a few things to consider. Does he have no credit because he's young and just starting out? Or does he have no credit because he's been irresponsible? Is he still in school? High school, college, or trade school? Is he a responsible young man? Does he get tired or bored with things? Is this something that you can afford to pay if he does not? Are you willing to be the "tough guy" and take the vehicle from him if he stops paying for it? If your Son is still in high school I'd definitely advise against it! My Sister got burned when she co-signed for a car loan for my Nephew! He was 20 at the time and while he had been a very responsible young man things changed and her credit is ruined because of it! Be careful! HTH. -Jim


This really is a character issue and you have to judge your son's character. Earning the car the old fashioned way will build character, the easy way out does nothing at best and at worst will ruin your credit, relationship and damage his emerging adult character.

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Realize this, when you co-sign a loan, it's the same as if you took the loan out yourself. This means if your family member or anyone else you co-sign defaults, the loan transfers to YOU. And, if you think that its different with family members, just tune into Judge Judy and see how many cases there are where family members are suing each other over circumstances like this. My advice, don't co- sign for anyone, they need to learn how to manage their own financial affairs.


With strong money down and your 750 or higher credit score maybe

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