0
Can a person with very bad credit get a car loan if they have a co signer with excellent credit?
Wiki User
∙ 12y ago
Yes they can if they have had another loan with your name and their name.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Will the lender check the co-signers credit?
Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.
How can you get off a auto-loan as a co-signer?
The loan needs to be re-financed and be assumed solely by the person who originated the loan. The original person will need to have a worthy credit rating in order to escape the need for a co-signer.
How are student loan consolidation interest rates calculated?
They are directly determined by the amount of existing credit a person has, and the score of that credit. If a person has bad credit, they will need to find a person (typically their parent) to co-sign the loan. The co-signer assumes responsibility for the loan if it is not paid by the person who originally takes out the loan.
Why do you need a cosigner if you dont have credit?
If you have a bad credit record, that indicates to a lender that you are likely not to repay your loan. If you have no credit record, a lender cannot determine whether you are likely to repay your loan.In either of the above cases, the lender may want you to find someone who has a good credit record that indicates he or she is likely to repay the loan to act as your co-signer. A co-signer becomes equally responsible for repaying the loan with you. If you fail to repay some or all of the loan, the lender can require the co-signer to repay it as if the co-signer had taken out the loan him or herself. (The co-signer can then take action to try to recover the payments from you, but that does not concern the lender.)The co-signer is a person with good credit (or at least better credit than you) to whom the lender can turn for repayment if you fail to repay. Having a co-signer makes the lender more confident that they can get repaid.
How can a co signer with perfect credit help you get a mortgage loan when you have bad credit?
The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.
Will the lender check the co-signers credit?
Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.
How can you get off a auto-loan as a co-signer?
The loan needs to be re-financed and be assumed solely by the person who originated the loan. The original person will need to have a worthy credit rating in order to escape the need for a co-signer.
What is the position of a cosigner for a house?
A co-signer is an additional person who signs a loan/mortgage you have taken out as a precaution for the bank or lender. Depending on the situation, if you have bad credit or not enough credit history the lender may require a co-signer. The function of the co-signer is to pay the loan/mortgage in the event that the original person who took out the loan is unable to make the payments. Usually, the bank is looking for a co-signer with good credit as a back-up in case the loan is not paid.
How are student loan consolidation interest rates calculated?
They are directly determined by the amount of existing credit a person has, and the score of that credit. If a person has bad credit, they will need to find a person (typically their parent) to co-sign the loan. The co-signer assumes responsibility for the loan if it is not paid by the person who originally takes out the loan.
Who get credit on Joint car loan how get credit score?
On a joint car loan, no one is increasing their credit score. This is usually the case when one signer is weak to get approved and require a co-signer. Co-signer is financially responsible for the car loan if signer default on the loan. For more information you can try this web site at http://www.autocreditfinancial.ca
Does the co-signer for your auto loan have to live with you?
No. For the best results credit-wise, the co-signer of your loan should have a great credit record, however, they do not have to live with you.
What happens when a car payment go into default for the cosigner?
The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.
Who's credit is affected if a cosigner is bankrupt and the loan is defaulted?
Both parties on the loan. Co-signer and other person they co-signed for
How does a cosigned loan work?
If the person who the loan is for doesn't pay, the co-signer has to pay if thay don't pay it will afeect their credit also.
Why do you need a cosigner if you dont have credit?
If you have a bad credit record, that indicates to a lender that you are likely not to repay your loan. If you have no credit record, a lender cannot determine whether you are likely to repay your loan.In either of the above cases, the lender may want you to find someone who has a good credit record that indicates he or she is likely to repay the loan to act as your co-signer. A co-signer becomes equally responsible for repaying the loan with you. If you fail to repay some or all of the loan, the lender can require the co-signer to repay it as if the co-signer had taken out the loan him or herself. (The co-signer can then take action to try to recover the payments from you, but that does not concern the lender.)The co-signer is a person with good credit (or at least better credit than you) to whom the lender can turn for repayment if you fail to repay. Having a co-signer makes the lender more confident that they can get repaid.
How can a co signer with perfect credit help you get a mortgage loan when you have bad credit?
The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.
Can a unemployed cosigner be used to buy a home?
No. There would be no reason to allow an unemployed person to co-sign a loan. A co-signer is required by the lender when the primary borrower has a poor credit record and /or doesn't earn enough money to pay the loan. A co-signer is fully responsible for paying the loan and guarantees the loan will be repaid. If they are unemployed they are not a good credit risk and would not be acceptable to the lender.
