Sunday, January 21, 2007

I Hate Being Put On The Spot

My boyfriend has bad credit. I know this, which is a good thing. It's good because we can work on it before we make any large purchases together. He bought a car a few months ago and has a horrible interest rate. His payments are crazy high. Now he needs to look into a Car Refinance.

He's looking into a site called rategenius. They have some pretty low rates for car refinancing. They have customers in 40 states. But what I really like about them is that they offer to let you skip a payment for up to 60 days. They don't have any refinancing or application fees, and they offer gap insurance. It's a pretty sweet deal. So how does that put me on the spot? Refer back to his bad credit. He needs me to co-sign. I am very reluctant to do so. If I do, I will make sure I have my name on the title. And I will have him give me the money and I make the payment since my credit is on the line. However, he should not take this post as an automatic yes. I really need to think about this.

3 comments:

D said...

Hi Sabrina, I was drawn to your post like a bug to light. I am going to try and remove myself from this comment and just leave you with one thing -

Sit down, alone and think, how did he get here. Major Medical Event, Big Toy Buyer???? Follow your gut.

John said...

I'll have to concur on what D says about it. I've heard too many sad financial stories that start out like this...

Sabrina said...

Thanks for the comments. It was old student loan debt that he just started paying in the last year. I do need to really think about it. But I'm leaning more towards telling him no and to look to his family. I've worked to get my credit to an ok place, and I'm not willing to let it be dragged back down.