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Why is a co-signer necessary?
A co-signer is needed by a borrower who's credit is not good enough to get approved for a loan in their own name. The co-signer guarantees the loan will be repaid. If the primary borrower stops making payments the co-signer will be held fully responsiblefor paying the loan balance.A co-signer is needed by a borrower who's credit is not good enough to get approved for a loan in their own name. The co-signer guarantees the loan will be repaid. If the primary borrower stops making payments the co-signer will be held fully responsiblefor paying the loan balance.A co-signer is needed by a borrower who's credit is not good enough to get approved for a loan in their own name. The co-signer guarantees the loan will be repaid. If the primary borrower stops making payments the co-signer will be held fully responsiblefor paying the loan balance.A co-signer is needed by a borrower who's credit is not good enough to get approved for a loan in their own name. The co-signer guarantees the loan will be repaid. If the primary borrower stops making payments the co-signer will be held fully responsiblefor paying the loan balance.
Can you cosign on a CA auto loan without being on title and registration?
Yes, but you should be fully informed that you would be the guarantor on the debt. If the primary borrower fails to make their payments you would be held fully responsible for paying the debt. In that event you would be paying for something you don't own.Yes, but you should be fully informed that you would be the guarantor on the debt. If the primary borrower fails to make their payments you would be held fully responsible for paying the debt. In that event you would be paying for something you don't own.Yes, but you should be fully informed that you would be the guarantor on the debt. If the primary borrower fails to make their payments you would be held fully responsible for paying the debt. In that event you would be paying for something you don't own.Yes, but you should be fully informed that you would be the guarantor on the debt. If the primary borrower fails to make their payments you would be held fully responsible for paying the debt. In that event you would be paying for something you don't own.
What is a cosigner responsible for on a car loan?
The co-signer will be completely responsible for paying the loan if the primary borrower defaults on the payments even though the co-signer will have no ownership interest in the vehicle. A co-signer should always be completely informed about the consequences of co-signing. They are guaranteeing that you will pay. If you miss payments it will affect their credit record. If you default it will also wreck their credit. In short, co-signers are responsible in making sure that the primary borrower is able to make the payments on time, and if not, will be their responsibility to continue and settle the payments if the primary borrower fail to do so.
What is a co-signors right to a car if he is making the payments?
IF the co-signor is listed on the title as co-owner, s/he has the right of possession. If NOT, just keep paying the payments. Talk to the lender about REMOVING the signor from the loan and giving you the car. Normal procedure.
Would cosigning a car loan hurt you for a mortgage?
It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.
Does paying off a car loan improve your credit score?
Yes, paying off a car loan can improve your credit score because it shows that you are responsible with managing debt and making timely payments. This can positively impact your credit history and demonstrate to lenders that you are a reliable borrower.
Will paying off my car loan improve my credit score?
Yes, paying off your car loan can improve your credit score because it shows that you are responsible with managing debt and making on-time payments. This can positively impact your credit history and demonstrate to lenders that you are a reliable borrower.
What is the responsibility of a cosigner when it comes to paying off a loan?
The responsibility of a cosigner when it comes to paying off a loan is to step in and make the payments if the primary borrower is unable to do so. The cosigner is equally responsible for the loan and their credit score can be affected if payments are missed.
What happens if a co signer on a car loan passes away?
The surviving borrower is solely responsible for paying the loan.The surviving borrower is solely responsible for paying the loan.The surviving borrower is solely responsible for paying the loan.The surviving borrower is solely responsible for paying the loan.
Will paying off a car loan improve my credit score?
Yes, paying off a car loan can potentially improve your credit score because it shows that you are responsible with managing debt and making timely payments. This can positively impact your credit history and demonstrate to lenders that you are a reliable borrower.
If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
Does paying off a car loan help improve your credit score?
Yes, paying off a car loan can help improve your credit score because it shows that you are responsible with managing debt and making timely payments. This can positively impact your credit history and demonstrate to lenders that you are a reliable borrower.
