Best Answer

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

User Avatar

Wiki User

โˆ™ 2005-11-15 20:19:05
This answer is:
User Avatar
Study guides

Create a Study Guide

Add your answer:

Earn +20 pts
Q: Can a minor take out a loan if their parent cosigns and if so is the cosigner financially responsible for the signer?
Write your answer...
Related questions

If a parent cosigns on a car loan with hisher child and the child does not make payments can the stepparent be held responsible or have their credit rating impacted if the payments are not made?

The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.

If a parent cosigns a student loan and remarries is the wife responsible for the loan when the parent dies?

Probably not, unless it's a private loan and they live in Wisconsin.

What age is parent financially responsible for child?

well, actually parents are responsible financially till they graduate from collage, but if the drop out from school just till they turn 18.

In the state of Florida what legal age does a child have to be for a parent not to be responsible financially for them?


Does a 17 year old's credit rating increase if he cosigns a credit card with a parent. Does it matter if he is primary or the cosigner?

From what I understand any credit activities on a minor's name is illegal. You must be 18 to establish credit.

What is the age of a child when the parent is no longer financially responsible for that child in Canada?

Probably 18

Under NY law is a parent financially responsible for a child that is 18 and has moved out?


Is child liable for a deceased parent's debt?

As long as the child is not a cosigner on the debt, the child is not responsible for parent's debt. The parent's estate would be responsible for the debt. Technically this could reduce the inheritance the child receives, but it is not the responsibility of the child.

Are parents legally responsible for children who are above the age of 18 in New York?

Yes. A parent is financially responsible up until a child turns 21.

Can a17 year old get a loan with a cosigner?

Yes, as long as the cosigner is a legal gardian or a parent.

Are the parents of a male who cannot pay his child support responsible for making the payments?

No, only the biological or legal adoptive parent is financially responsible for the care of their minor child/children.

Are you financially responsible for an 18 year old if they live in ny and parents live in florida?

Unless there is a court order stating the parent is responsible for child support past the age of 18, then no.

In Tennessee a minor who is 14 or older is considered an emancipated adult for all medical care related to the pregnancy so who is responsible for the medical bills the minor or the parents?

If a minor is legally emancipated it is assumed that they have no more connection with the parent, and that the parent is no longer financially responsible. Therefore, the child is held responsible for bills.

Who is financially responsible for an 18 year old unemancipated but not living with either parent?

Presumably the 18-year-old themselves; at that age, you are considered an adult (in most countries) and thus responsible for your own life.

What legal responsibilities does a parent have for a child who becomes emancipated?

None. When a minor is granted emancipation he or she becomes a legal adult and the parents are no longer financially or legally responsible.

How old do you have to be to move out with out a parent constent?

You have to reach the age of majority. In most places that means you have to be at least 18 years of age. Until then, your parents are responsible for you financially.

Can a parent be held responsible for a car accident of a 21 year old adult child?

Only if the adult was acting as a legal guardian of the person in question at that time. At age 21, your parents are not normally accountable for anything you do. Was the kid driving the parent's car? If so, the owner of the car is financially responsible.

Is a child of a deceased parent responsible financially for any debt incurred at a nursing home in North Carolina?

Not unless they signed taking that responsibility on. The estate has to resolve the issue.

Can a child be financially responsible for a parent?

Not if the child is a legal minor. However, under certain extenuating circumstances, it is conceivable that a court MIGHT order an adult child to assume legal guardianship over a parent. OR - if the parent awarded the adult child their POA, then the child WOULD become responsible for caring for the parents needs including the payment of their bills and obligations (albeit, usually utilizing the parent's own money).

Does the cosigner that's name is 2nd actually count?

Yes, of course your cosingers signature means something. It means that there is no way for to have been approved for what you applied for without their good credit to back you. It also means ,God knows I hope your cosigner has some sense, that your cosigner is 100% responsible for any default of restitution on your part. The cosigner is essentally applying for the very same thing you are--for you--on your behalf almost. Be good to your friend, parent, whoever has helped you and repay your loan on time.Happy holidays.

Is step parent responsible for anything?

Is a step parent responsible for a disabled child

Are father and stepmom responsible for child support?

The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.

If a parent lives in CT and their child lived there as well and at age 18 they moved out then moved to NY and applied for State assistance is the parent in CT financially responsible for that child?

Yes because the law for both states say that your parents are responsible for you until the age of 21 even if you have moved out, relocated, and fund yourself.

If the custodial parent remarries is the noncustodial parent still responsible for support?

Yes. They are still the child's parent and responsible for supporting their child.

Can a parent be held responsible for a minor child's debt?

Yes a parent can be held responsible for a minor child's debt if the parent co-signs on a loan with the child. For credit cards, if the child is an authorized user on a parent's account the parent is also responsible for this debt.