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But before you agree to do that, there are some essential things to keep in mind.
GOBankingRates talked to some financial and legal experts to find out four things to know before youco-sign that loan.
Lokenauth learned some of this the hard way.
When his nephew lost a job in September, the lender called Lokenauth first.
The impact on yourcredit scoreis huge, Lokenauth added.
This affects everything from my debt-to-income ratio to my ability to qualify for other loans.
The Exit Options
It may be tougher than you think to get out of that loan agreement.
Many loans dont offer co-signer release.
This is why its always important to read the fine print.
Most importantly, Lokenauth said to go in to the co-signing situation with your eyes wide open.
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