Money Management

Can a minor cosign on a loan?

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Answered 2012-01-25 20:54:44

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.

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If you are a minor, you cannot LEGALLY cosign or sign any loan/contractual agreement.

Yes, an employer can cosign for a student loan. Any one can cosign for a student loan if they meet the requirements.

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.

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.

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.


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.

Two people would need to cosign an agreement when for example, parents need to cosign the loan application for their child or to help a friend in need.

For the length of the contract you sign. If you cosign on a 3 yr loan, you are responsible for the debt for 3 years.

i was able to get an auto loan with the help of a cosigner and im under 18

ok Should not be a problem. A car loan is about credit, not driving.

Yes, your parents can cosign for a loan and if you are smart keep up the payments on that loan as it will give you a good and early credit record. If you don't keep up the payments it's a lousy thing to do to your parents, and they will be stuck paying that loan. Marcy

You need to ask a mortgage agent.

Go to and that will give you all the info. you need.

You need a lisence to drive the car, but not to cosign a loan.

Anyone can if they have enough good credit. Relationship to you has no bearing.

I don't know, can she? Only the lender can answer that question.

Yes. It depends on their credit history and willingness to co-sign and take responsibility for your loan.

Most of the time they need you to cosign in order to qualify for a loan. You can try a stafford loan.

To cosign is to take on the financial responsibility of another's agreement if they were to default, such as cosigning on a loan. Cosigners are often required for loan approval if the initial signer has insufficient credit history or for any other reason is unable to qualify alone.

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