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Does a cosigner for a car loan need a valid driver's license?

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βˆ™ 2014-10-07 01:58:50

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Most lenders will allow a co-signer to sign for a car loan without a valid driver's license. However, some form of identification will be required to prove identity of the co-signer.

2014-10-07 01:58:50
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Q: Does a cosigner for a car loan need a valid driver's license?
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Related Questions

If you want to take out a loan and are in the process of getting your license will you be able to take out a loan with a cosigner?

You don't need a license to get a loan. Your credit rating will determine whether you need a cosigner or not.


Can you get a car loan without having a drivers license?

No you need a valid DL for the loan officer to see...or you could have someone co-sign a loan for you...


What information do you need to present to get a same day payday loan?

You will need to present a valid identification card (passport or drivers license) and a valid pay stub and checking account statement. This is to ensure you will not default on your payday loan.


Putting a lien on your drivers license?

can a car loan company put a lien on drivers license


If you are getting your drivers license will you be able to take out a loan with a cosigner?

One has nothing to do with the other. The lender doesn't care if you have a license, he wants a cosigner because you don't have a good credit record. Just getting a DL says you are not quite old enough to legally borrow money unless you have COLLATERAL.


Does a cosigner need a driver's license?

You need a lisence to drive the car, but not to cosign a loan.


What are the requirements to get a car loan?

There are numerous requirements when applying for a car loan. You need to have decent credit rating, a steady job, you need to be the legal age required to drive and a valid drivers license.


What are the qualifications of refinance auto loan?

In order to be qualified for refinance auto loans, most companies require that you be over the age of 18, that you posses a valid drivers license, you must be a current US Citizen, you must have a yearly salary of 26,000 or act as a cosigner, and you must have proof of a current auto insurance.


You can buy and insure a car without a license?

A license is not required to purchase a ca; however, you will have to have a valid license to get insurance. Most lenders require A valid license before they will loan money on a car.


Can you switch the cosigner to the primary?

Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.


How can a cosigner be removed from the loan?

The only option is for the loan to be refinanced without the particpation of the present cosigner.


Can you qualify for an auto loan with no drivers license?

yes you can get a auto loan without a license but you can not get auto insurance with out one and you can't complete the loan closing without insurance.


How can one remove a cosigner from an equity loan if the cosigner is not on the first mortgage title?

The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.


What is a cosigner?

A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.


Can you get finance for auto loan with a learner permit?

No you need to have a drivers license. It is illegal to drive a car without a drivers license and that is how the finance company looks at it.


Is it illegal to loan a drivers license to someone else?

Yes. A license cannot be 'loaned' to someone else.


If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?

Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.


Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?

No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.


Can you get a student loan without a cosigner?

Yes if you are a US Citizen you may get a loan without a cosigner. However, your % will be higher in terms of interest. As a result it is best to have a cosigner.


The obligation of a cosigner is discharged by?

The obligation of a cosigner is discharged by a borrower securing a loan to the satisfaction of the creditor. Paying off a loan will also discharge the obligation of a cosigner.


Can you be seventeen and have a cosigner cosign for an auto loan?

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


Can a cosigner ask the court to garnish the borrower's wages to make the loan payments?

The cosigner can ask but I seriously doubt they will be successful. The cosigner knew the risks when they signed the loan application. The cosigner knew, or should have known, the borower's history of successful loan payoffs were questionable at best. The cosigner assumed the responsibility when they signed on.


Is the APR of a student loan determined by the credit of the borrower or that of the cosigner?

The cosigner I believe but check with the loan issuers it's in the details.


Can my cosigner take their name off the loan without my permission?

The only way to take a cosigner off of a loan is to refinance it.


Does a cosigner own the property if he pays off the original loan?

The cosigner of the loan owns 1/2 of the property if they are on the title.