no because your not legal age :-(
Yes, as long as the cosigner is a legal gardian or a parent.
A 17 year old will not be able to get a car loan for $5,000 dollars without a co-signer. Most banks will not give a 17 year old a loan even with a co-signer.
It is very possible to get a student loan with no cosigner and only 1 year of employment. The best solution would be to apply for a federal stafford loan.
Yes.
Not possible as the applicant is a minor.
The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.
AnswerIf you have already been the cosigner on the loan, you will remain so until the loan is refinanced or paid in full. It doesn't matter if the cosigner has lost their job or not. As long as the person is making their payments, the cosigner isn't affected at all.Good luck job hunting cosigner! :)
You will have 5000 dollars × (1 + 8/100)18 = 19,980 dollars.
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
No, minors cannot legally enter into financial agreements.
It is 5000*[(1+8/100)2 - 1] = 5000*[1.1664 - 1] = 5000*0.1664 = 832
The only way for a co-signer to be taken off the loan, would be for the primary borrower to refinance the account.