Cosigning a loan with another person isn't just a gift of funds, it's jointly committing to a repayment plan. Make sure you discuss in advance some of the challenges that might come with cosigning, and know how you'll work together to face them before you sign on the dotted line.
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This article was originally published on September 12, 2015, and has been updated.
*Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.