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You have a co-signer and you want to co-sign someone Else's loan. Horrible idea. Co-signing a loan is a good way to pay for a loan that you will get no benefit out of. Do not co-sign any loan. A person that needs a co-signer is a bad credit risk, that is why the lender requires a co-signer. So why would you want to get involved with this. Remember the old saying which is still very true. Never, ever, do business with family or friends. That is a good way to cause family strife and loose a friend.
Another PerspectiveIf you needed a co-signer for your own loan then chances are your credit isn't good enough for another lender to accept you as a co-signer on another borrower's loan. After all, the bank's purpose for requiring a co-signer is to make certain the loan will be paid. They will go after the co-sogner if the primary borrower defaults on the loan.
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∙ 13y ago
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If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?
Yes.
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 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
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
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.
Does a cosigner need a driver's license?
You need a lisence to drive the car, but not to cosign a loan.
When someone is a cosigner on the loan of your car does that mean he owns any part of it?
when you cosign on any kind of loan you dont have to pay anything unless the person you cosigned for does not pay the loan, then you are responsible for that the remaining balance on the loan
Can a cosigner of a home loan receive half of the proceeds?
Did you help make payments? If all you did is to cosign, then no.
Does a cosigner have to be physically present to cosign a loan?
That would depend on the rules and procedures of the loan provider. If the cosigner alleged that the signature was not theirs, it could create a problem if the signature was not properly witnessed.
How can you be a cosigner if the title is in the name of the person you cosigned for?
Many people cosign a loan for property they don't own. Many are uninformed of the consequences of cosigning. They don't realize they are agreeing to be completely responsible for a loan for property that belongs to someone else. If the primary borrower defaults on the loan and the cosigner must make the payments, the cosigner has no automatic right to the property.
What does cosign mean?
a cosigner is someone that also signs a note, meaning that if the original signer dose not pay the obligation the second signer or cosigner must pay. It means, if the person getting the loan does not pay it off, the cosigner is responsible for paying the loan off.
If you cosign an auto loan for someone and they refinance in one year and remove you from the loan how will that affect your credit assuming all payments are made on time?
The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.
