Loans | Co-signing | Money Management

Can a minor cosign on a 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.

Can a minor cosign a loan with someone other than his or her legal guardian?

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

Can an employer co-sign for a student loan?

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

Will I be able to get a student loan if you cosign on someone elses for about 50000?

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.

Can someone on social security benefit's cosign for a loan?

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.

How does cosigning for an auto loan affect your ability to get your own auto loan?

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.

If i cosign a car for someone will my name come off in a year?

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.

Can an illegal alien cosign loan?

SURE!! BUT GOOD LUCK TRYING TO FIND HIM WHEN THE LOAN GOES INTO DEFAULT!

If you cosign for a car loan can you be sued successfully?

Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.

What does it mean if someone has to co sign a loan with you?

To cosign a loan is to guarantee payment if the borrower fails to pay.

When might two people need to cosign an agreement?

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.

When you cosign for someone how long are you required to be their cosigner?

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.

Can my husbands wages be garnished if I default on my student loan?

Not if he did not cosign on the loans.

Can you have a person with new credit cosign your loan?

It's up to the lender.

Can a minor take out a loan if their parent cosigns and if so is the cosigner financially responsible for the signer?

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

Can you be seventeen and have a cosigner cosign for an auto loan?

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