No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.
You need a lisence to drive the car, but not to cosign a loan.
absolutely not. Minors are not able to cosign any loans, only an adult (eighteen years or older) is aloud to cosign a loan. the law states that any minor is not responcible for the repayment of any loan.
Yes, an employer can cosign for a student loan. Any one can cosign for a student loan if they meet the requirements.
If you are a minor, you cannot LEGALLY cosign or sign any loan/contractual agreement.
The loan you cosign is going to count as a loan that you have. If you have the income to support that loan, plus yours, from a loan officer's point of view, you may be able to get a loan. Generally, though, cosigning is a bad idea for anyone.
No, if their license was suspended they should not be driving, if they are involved in an accident and are at fault the other person can go after you since it is your car and then you are liable.
Cosigning on a loan has nothing to do with having a drivers lincense. You are just agreeing to pay the loan if the primary person does not. You are not driving the car. The only thing a lender is interested in is your ability to pay the loan.
Yes, someone on the social security can be able to cosign for a loan. The person cosigning the loan however has to have good credit regardless of his availability on the social security benefit.
No. It doesn't come off until the loan is paid and if the person who is getting the loan doesn't pay you will owe for the loan. When you cosign it also goes on your credit report.
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.
SURE!! BUT GOOD LUCK TRYING TO FIND HIM WHEN THE LOAN GOES INTO DEFAULT!
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
To cosign a loan is to guarantee payment if the borrower fails to pay.
Two people would need to cosign an agreement when for example, parents need to cosign the loan application for their child or to help a friend in need.
It's up to the lender.
Not if he did not cosign on the loans.