yes
They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.
Many and almost all banks will give you a loan if you have bad credit, all that you will need is a co-signer to sign off on it with you, the co-signer is telling the banks to give you a chance, and if you mess up that he will be responsible with you to pay the loan back.
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
Possibly. However, the cosigner needs to understand all the implications should the one needing the cosign on the load default on payments. If the primary borrower doesn't pay the co-signer will be held personally responsible for paying the loan in full. That's what they agree to when they sign as co-signer.
The primary signer's credit will not be affected by the bankruptcy of the co-signer (as long as pmts are made on time). However, if the loan is relatively new, the lender may require the primary borrower to sign new papers providing a different co-signer.
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.
They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.
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.
When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.
Anyone with good credit, who is willing to put their good credit on the line for you, and willing to guarantee that your loan will be paid even if they have to pay it, can co-sign a loan.Anyone with good credit, who is willing to put their good credit on the line for you, and willing to guarantee that your loan will be paid even if they have to pay it, can co-sign a loan.Anyone with good credit, who is willing to put their good credit on the line for you, and willing to guarantee that your loan will be paid even if they have to pay it, can co-sign a loan.Anyone with good credit, who is willing to put their good credit on the line for you, and willing to guarantee that your loan will be paid even if they have to pay it, can co-sign a loan.
Many and almost all banks will give you a loan if you have bad credit, all that you will need is a co-signer to sign off on it with you, the co-signer is telling the banks to give you a chance, and if you mess up that he will be responsible with you to pay the loan back.
It is not likely that the lender will accept that parent as a co-signer.
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
A co-signer is just as responsible for the auto loan as the signer is. If they did not pay then you were supposed to. That is what happens when people co-sign. The only way is to challenge the credit bureaus. You can get the directions from each of their websites.
Possibly. However, the cosigner needs to understand all the implications should the one needing the cosign on the load default on payments. If the primary borrower doesn't pay the co-signer will be held personally responsible for paying the loan in full. That's what they agree to when they sign as co-signer.
They can on in theory as many cars their credit will allow. It will be another debt they are liable for. The bank/institution that would do the approval process may consider the individual 'overextended' if he were to do such, and would not allow him to.Another PerspectiveIf your intended co-signer needed a co-signer for their own loan then chances are their credit isn't good enough for another lender to accept them as a co-signer on your 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.
The primary signer's credit will not be affected by the bankruptcy of the co-signer (as long as pmts are made on time). However, if the loan is relatively new, the lender may require the primary borrower to sign new papers providing a different co-signer.