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

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โˆ™ 2006-02-04 04:10:12
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Q: Can you be seventeen and have a cosigner cosign for an auto loan?
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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 cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?

Yes.


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 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 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.


Can a spouse be a cosigner on an auto loan?

yes


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.


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.


Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?

No. The cosigner would have to apply for a loan in their name using their credit, income data.


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.


Can a cosigner on an auto loan get insurance on the vehicle?

Yes

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