Auto Loans and Financing
Loans
Co-signing

Can a person co-sign for more than one car loan?

535455

Top Answer
User Avatar
Wiki User
2015-07-14 16:09:19
2015-07-14 16:09:19

Yes, but the more loans they are on the more risk they are taking on and there by, lowering their own borrowing ability.

Find out what car dealers don't want you to know at www.dealertricks.com

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

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

User Avatar

Not likely. If you cosign then you are saying "I trust my credit in this person's hands." If the signer does not pay then it is the responsibility of the cosigner to take care of the payments.

User Avatar

Anyone the lender accepts can be a cosigner...that is entirely the lenders choice. However, they naturally want someone more qualified, having a higher credit score, than the primary. Your father likely does not.

User Avatar

Probably not. Unless you have exceptional credit.

User Avatar

You can co-sign on as many transactions as you feel like..Remember..Every time you co-sign on a loan, it will appear on your credit report..AND..If the person you co-signed for does not pay, you are responsible..Under normal circumstances, creditors asking for a co-signer know that the odds are close to 75% that you will end up making some of the payments.

User Avatar

Whether or not it's the thing to do depends on how reliable your son is, and you should know that better than anyone else on this site. You certainly have more to lose than you do to gain, as, if you do it and the loan goes into default, it'll affect your credit rating negatively, as well as his.

User Avatar

A person can include closing costs in a home loan. To include closing costs in a home loan certain criteria have to be met, such as the owner has to be willing to finance more than the value of the loan.

User Avatar

Yes if you have available credit, but it also takes away from your available credit and you are responsible for the loan. I would advise against it.

User Avatar

If a person is upside down on a loan, it means that they owe more on the loan than the value of the thing that is collateral for the loan.Another word for being upside down is being "underwater."If you are upside down on your loan, you have "negative equity" on the collateral.When a borrower is upside down, the loan is "undersecured," meaning that the security interest (the value of the collateral) is smaller than the loan.

User Avatar

a blind person with good credit has a more chance than a person who can see with bad credit maybe it's the credit of the person

User Avatar

An example of a joint obligation is a loan agreement with more than one party on it. An example of a solidary obligation is when there is more than one debtor and more than one creditor on a loan. Any one of the debtors may be obligated to pay the entire loan and any one creditor may collect on the entire loan.

User Avatar

YES! Because interest accrues on an unsubsidized loan during periods when it doesn't accrue on a subsidized loan, the total cost of an unsubsidized loan is always greater than that for a subsidized loan of the same amount.

User Avatar

An equity release loan is a means of borrowing money which will allow a person to release equity that has been storing up in their home, meaning that if a person buys a mortgage and the house earns/becomes worth more than what is said in the mortgage, the loan shall release this amount thus deducting from the mortgage.

User Avatar

A same day pay day loan is a loan that you pay back on your next pay day. Its usually not more than what you would make on the next payday either. 'Same day' means that the person can get the loan approved and cash at hand on the same day they apply.

User Avatar

a person can live more than a century

User Avatar

Not any more than is involved in applying for a regular loan.

User Avatar

probably not there's no real point anyways because then it wouldn't be called a car loan. It would just be a loan.

User Avatar

Loan modifications allow the bank to make loan payments more affordable for borrowers. They may change interest rates, loan terms, loan balances, or other parts of the loan agreement. Loan Modifications are changes to your loan agreement. Your payments get more affordable, and you don't have to default on your loan. Banks choose to offer loan modification programs because it is easier and cheaper to work with you than to go after you.

User Avatar

The amount of interest you pay depends on the institution that you borrow from. You will usually pay more on an unsecured personal loan than a secured one.

User Avatar

A jumbo mortage loan is one that covers more than the loan limit that is convention. There is not very many advantages to getting a jumbo loan because the rates are much higher, it only allows you to take more money out than otherwise.

User Avatar

A payment on a 40 year loan, if it is a fixed-rate loan, will be smaller, provided all other factors like loan balance and interest rate are the same. If you are talking about an adjustable rate loan, well, your payment will vary on your interest rate more than how long the loan term is. A 40 year loan will pay-down your loan slower, meaning at 10 years, you'll owe more on a 40 year loan than a 30 year loan. You may also pay more towards interest on a 40 year loan.

User Avatar

You can if a lender is willing to loan you the money and the existing loan is not more than 50% of the value of the car. Just make sure the lender is aware of an existing loan against the vehicle. This is a very bad idea IMO. Using a car as collateral for a loan other than to buy the vehicle is a very bad idea. Cars depreciate very quickly so are not good collateral. More than likely no lender will loan you the money on this vehicle.

User Avatar

An FHA loan has more guidelines and rules than a conventional loan does. An FHA loans are only available on certain houses and you can get a conventional loan on any house if your credit meets the requirements.

User Avatar

More than likely if your credit is good you can still refinance a home that is valued at less than you owe. You would have to roll the difference in what it's worth and what you owe into the new loan. This would only be beneficial if the new loan had a much lower interest rate than your current loan. You can consult a mortgage professional for further details on your options regarding the situation.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.