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Do you need to have a steady income to be a cosigner?
You need to be able to qualify for the loan. This almost always includes a disposable income sufficient to make the payments. You might qualify if you have no income, but have asset that are easily converted to cash, like stocks or cash-value life insurance, which the lender would accept as collateral.
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Answer A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs… to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.
A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment o…f the loan even if they have no ownership in the property covered by the loan.
Answer If the lender requires it. They don't always, but it is sometimes preferred.
Yes, the cosigner and primary signer must be present to sell or trade the vehicle as they are equal owners. Also, both parties must sign the odomoter disclosure statement and …the lien release (if applicable). The only exception to this is when the vehicle is titled Mrs. OR Mr. Some states like WV will allow an OR instead of an AND.
You will need a co-signer on a loan if the lender has determined that you do not have enough income or the credit rating necessary to make the purchase alone. It could a…lso be related to your age, if you are a minor.
Co-signing a loan may not specifically require collateral, but if the person for whom you co-sign defaults , anything you own becomes fair game. Don't co-sign for anything for… which you cannot comfortably cover the loss in case of default.
If you need a cosigner they must sign because a co-signer is a person who accepts responsibility for repayment of a loan, credit card or other debt along with the original bor…rower. However, if the institution giving you the new loan doesn't require a cosigner, you don't need to have the cosigner on your original loan sign anything.
usually over 680
Generally, yes, unless they can prove they are independently wealthy. They need to qualify for the loan and prove they have the ability to make the payments if you don't.
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In most cases these days, when people think they are a Co-Signer, they are in fact a Co-Buyer. If you are a co-buyer then by default you are a co-owner. In the event of an acc…ident both the driver and the owner(s) can be sued for incurred losses. To determine this just look at the vehicle Title or Registration, If your name is there, you are in fact a co-buyer and co-owner. Unfortunately, there are many car lots and salesmen out there these days who do not clarify this to the buyer(s) and allow you to think you are only co-signing when you are not. There is a Huge difference in the two terms where your legal liability is concerned If you are truly a Co-signer, you would not need to be on the policy. .
The co-signer will usually only have to sign if they are listed on the title as a co-owner.
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guess what, a cosigner is an owner under the eyes of the law and the dealer....
You need a lisence to drive the car, but not to cosign a loan.
When cosigning do they check the cosigner's credit and use his income as well for repaying the loan?
Answer YES to checking CR. No, to using co-signors income. The debtor must be able to pay the loan.