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Is there an age limit for cosigning for a car loan?
Is there an age limit for cosigners? My bank tells me I need a cosigner to get a car loan. The only person I can find is my grandfather, who is 85 years old.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The only age restriction for cosigning applies if you’re too young. You have to be at least 18 years old to be a cosigner.
However, there is no age limit on the high end.
If your cosigner passes away, that’s another deal. Your grandfather’s estate will be responsible for paying for the loan on your
new car
if you default. In some cases, the loan may also have an automatic default clause, which means your grandpa’s estate is responsible for
paying the full balance
of the loan upon his death.Just make sure to pay the loan on time and respect your grandfather for doing you a favor.”
View full answer
- Gregory R.
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