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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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You need a lisence to drive the car, but not to cosign a loan.
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.
Answer If the lender requires it. They don't always, but it is sometimes preferred.
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.
Answer A cosigner is needed when the primary borrower does not, for whatever reason, (age, income, credit rating, etc.) does not qualify for a loan on thei…r own merit.
Answer If you have insufficient credit strength for a lending institution to accept a loan you'll need a co-signer.
guess what, a cosigner is an owner under the eyes of the law and the dealer....
usually over 680
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.
The cosigner on an automobile loan is not the person who has to pay for insurance on the vehicle. The registered owner should pay the fees for insurance. However, it is th…e cosigner's responsibility to make sure the registered owner is carrying insurance for the vehicle.
If you do not have a job but still have an income like the GI Bill would you need to have a cosigner on a loan?
How it is looked at by the loan companies is Income minus Expenses, if your annual income is only 10k but your rent (or mortgage) is only 5k a year, they see it as you h…ave 5k a year to pay your loan with. however if you make 40k a year, but pay a 35k a year mortgage, you still only have 5k a year to repay with. 40k a year does look better that 10k a year, but the income minus living expenses is the primary thing they look at, along with Credit.
You are standing up for the person getting the loan and saying that they are trustworthy and honest and will pay the lending institution back, BUT in the event they can not re…pay........................ YOU....... will pay back their debt.
In an attempt to maintain a steady income, workers had to follow the harvest around the state. When potatoes were ready to be picked, the migrants needed to be where the potat…oes were.
Depends on how good you are and if you have an agent.
In some cases a cosigner may not be needed for a student loan. Check with your college's financial aid office.
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. .