Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.
i was able to get an auto loan with the help of a cosigner and im under 18
You can cosign but both names will be on title.
Yes. It depends on their credit history and willingness to co-sign and take responsibility for your loan.
absolutely not. Minors are not able to cosign any loans, only an adult (eighteen years or older) is aloud to cosign a loan. the law states that any minor is not responcible for the repayment of any loan.
Yes, an employer can cosign for a student loan. Any one can cosign for a student loan if they meet the requirements.
Only the dealership can tell you why they have made this requirement.
If you are a minor, you cannot LEGALLY cosign or sign any loan/contractual agreement.
Yes, as long as the person you are co-signing for has an income. The rule is one income one loan two incomes two loans.
The loan you cosign is going to count as a loan that you have. If you have the income to support that loan, plus yours, from a loan officer's point of view, you may be able to get a loan. Generally, though, cosigning is a bad idea for anyone.
Yes, someone on the social security can be able to cosign for a loan. The person cosigning the loan however has to have good credit regardless of his availability on the social security benefit.
Cosigning on a loan has nothing to do with having a drivers lincense. You are just agreeing to pay the loan if the primary person does not. You are not driving the car. The only thing a lender is interested in is your ability to pay the loan.
No. It doesn't come off until the loan is paid and if the person who is getting the loan doesn't pay you will owe for the loan. When you cosign it also goes on your credit report.
It is possible that you could cosign an auto loan after you filed bankruptcy. It is not likely though. It would depend on a number of factors, not the least of which is your current credit number.
Parent Loan: A parent is getting the loan Student loan: A student is getting the loan
Yes, if he's willing and his credit will support it. But don't let Dad down . It's a one-time thing if you default on the payments.
SURE!! BUT GOOD LUCK TRYING TO FIND HIM WHEN THE LOAN GOES INTO DEFAULT!
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
To cosign a loan is to guarantee payment if the borrower fails to pay.