Q. I have an average credit rating with some delinquent payments against me. My father owns his home and has other assets. If he would co-apply with me on an auto loan, would it help me to secure the loan?

A. If your father has good credit, and it appears that he does, then having his help will definitely improve your chances of getting a loan. In fact, it virtually ensures that you'll be approved.

But it's important from your father's perspective that he is a joint applicant on the car loan, not just a cosigner.

If your father cosigns the loan, he would be legally responsible for making the payments should you default, but he would have no ownership rights to the vehicle. If it was wrecked in an accident, for example, he couldn't demand to get the insurance settlement to repay the balance on the loan.

We're sure that you don't expect to have a falling out with your father over the car, but cosigning a loan is still unnecessarily risky for him.

By applying jointly, you and your father will be equal owners and both names should appear on the title. That protects your father's rights to the collateral for this loan (the car) if he gets stuck with payments.