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Does a co-buyer and co-signer have equal weight as far as credit?
Wiki User
∙ 14y ago
Both the co-buyer and the co-signer get equal credit. Regardless of who is on top of loan. Also hurts equally if not paid.
Wiki User
∙ 14y ago
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Does a cosigner have to have a good credit rating to cosign?
Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.
My exwife didn't pay for car loan tow company got car do i have to pay as a cosigner if car is gone?
As a former banker, I was often asked this type of question. A cosigner is a person who is legally obligated to the lender (usually a bank or a finance company) to repay a loan that may, or may not, have benefited the cosigner. By signing the loan documents, the cosigner assumes equal and full responsibility to repay the loan. Note the term 'equal' - most financial institutions make no distinction between who signs the contract first or second, both parties are equally responsible. Where the car is or who has possession of it makes no difference. The loan contract is between the borrowers (yes, the cosigner is a borrower) and the lender. Should the loan go in to default (payments late, missed, or completely in default), no matter what personal agreements the cosigner had with the primary borrower about who should make the payments or who has possession of the car, the financial institution will make attempts to collect from both parties and report that information to the credit bureaus where it will impact equally both the primary borrower's and cosigner's credit history, credit score, and affect each party's ability to obtain credit in the future.
What are the disadvantages of cosigning on a mortgage?
If the primary borrower defaults the cosigner can get "stuck" with a huge debt and ruined credit. A cosigner has the same legal obligation to repay a loan as does the primary borrower. In addition, a cosigner does not have property owner rights, only the debt. The real question is why would anyone agree to pay a mortgage for land they do not own. A co-signer has an equal obligation to pay the mortgage.
Can you co sign a loan with bad credit?
Most likely the loan company won't accept it because to need a cosigner on a loan means that there is bad credit all ready. Two bad credit reports don't equal one good one. If you have bad credit it isn't a good idea anyway because you could end up with the loan and this will impact your credit report in a negative way.
Can a person with bad credit cosign for a car loan?
I don't think so. The reason for a cosign is because the person buying the car has bad credit and the cosigner is a guarantee to the bank the loan will be paid. Two bad credit reports doesn't equal one good one. Since you have credit problems I wouldn't sign because that will add to your debt ratio to income and actually harm your credit.
You are the primary owner on a vehicle you owe 700 on the loan and the cosigner decided to take the vehicle even though they havent made any payments can they do that?
Two things to consider here: First, the cosigner is an equal owner of the vehicle regardless of whether or not any payment has been made by him. This is a matter of contract law. Second, and typically in cases where payments are not current, the cosigner/co-owner can take possession of the vehicle to protect his credit if his intention is to surrender the unit or to make payments current.
How many ceu's equal a college credit?
In terms of non credit CEU courses, no number of these courses equal college credit.
Does a co signer have right to the vehicle after it is paid off?
The cosigner has equal right to the vehicle whether it is paid off or not.
Does a co-signer have right to the vehicle after it is paid off?
The cosigner has equal right to the vehicle whether it is paid off or not.
How many hours equal one continuing ed credit?
3 hours equal one ed credit
What does 1 newton equal to the weight of an object that has?
one newton is equal to the weight of an object that has a mass of 100 g on Earth
Is the weight of a submerged object equal to the weight of the displaced fluid?
No, it is equal in volume.
