I am in the process of refinancing my home loan and my sister just asked me to help her cosign for a used car loan. If I agree to cosign could this negatively impact my home refinance?Thank you.

Carrie Brewer

Answer – If your sister needs you to cosign a used car loan, she either has bad credit or no credit. If she has no credit history, I do not think co-signing for her is going to do any harm. I’m not too sure if that is the case if she has bad credit?

But either case, the safest thing to do is to get your home loan refinanced first. Only when that is done should you consider co-signing for your sister.

By the way, if you should co-sign her loan, make sure she pays on time or you are on the hook and your credit score will take a hit if you are not on top of the situation.

Good luck with the home loan refi.

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