answersLogoWhite

0

  • Loans
  • Co-signing
  • Student Loans and Financial Aid

How can you find a cosigner?

User Avatar

Wiki User

βˆ™ 2011-12-16 03:01:45

Best Answer
Copy

Co-signing a loan for someone is very tricky business and is something most people are reluctant to do. You'll probably have to begin and end with family members as people you don't know well will have little interest in fronting you money! Follow a few steps to make the co-signer feel comfortable with his or her decision. First, draw up a re-payment plan for the amount you would like to have loaned to you. Be sure this plan is something you can live with and that will enable you to make every payment when it is due. This will re-assure the co-signer that they will not be 'stuck' with making your payments for you. Next, explain in detail why you need to purchase the item for which you need the loan. It helps to show why the item is necessary, what benefit the item may have for others besides yourself, and any advantages (if any) that your having the item will have on your lender. (For exampe, if you plan to buy a car, it may be beneficial for someone to co-sign a loan for you if they are currently driving you wherever you want to go. Or, having a car may enable you to find a higher-paying job,or help you get to school, etc.)It always helps if the co-signer can see that your purchase will benefit them in some way. Finally, answer in detail any financial questions the co-signer may have.

2011-12-16 03:01:45
This answer is:
πŸ€“
🀯
πŸ€”
User Avatar

Add your answer:

Earn +5 pts
Q: How can you find a cosigner?
Write your answer...
Submit

Related Questions

Can you replace a cosigner for an apartment with another cosigner?

Yes, you can replace a cosigner for an apartment with another cosigner. However, you need to get the consent of the landlord.


What are the benefits of a cosigner?

A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.


How can I get a student loan without a cosigner?

Although it is very difficult to get loan without cosigner. Majority of the students don't apply because they don't have any cosigner. But now a day many organization are helping such student who don't have any cosigner. You can apply for such loan that not required cosigner. These loans called no cosigner student loans. You can find a detailed procedure through link that is in "Related Links"


Does a cosigner have to have a job?

No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.


If we have bad credit will a cosigner help us get a mortgage?

Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.


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.


Can you be sued in case of an accident as cosigner?

No. The only obligation the cosigner has is to the lender.


What are the legal rights of a cosigner on a mortgage?

legal rights of cosigner on mortgage


What makes a legal cosigner?

Capacity and intent of the cosigner to be bound is required.


As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?

Nope.


Do student loans require a cosigner?

No, for the majority of student loans available in the United States you will not need a cosigner. However, for private loans, you will need a cosigner.


Is the cosigner of a vehicle liable if the it gets repossessed?

Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.


Does a cosigner have rights to the car even when its paid off?

No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.


What private student loan companies will help you if you can't find a cosigner?

They're not generally charitable organizations.


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.


Can a cosigner take possession of a car if the primary signer is not paying the payments?

Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.


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.


What responsibility does a cosigner on an apartment lease have?

a cosigner is a person who is responsible for the rest of the rent that you don't pay if u get evicted the person who signed as a cosigner will have to go to court


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.


Can a lender call the home number of a cosigner in order to verify the information of the cosigner?

YES!


Is a cosigner responsible for overage miles?

A cosigner is responsible for anything the primary party does not pay.


Is there a way for the cosigner to be removed as cosigner if primary owner defaults?

No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.


I just bought a new car but two days later the dealership called and said i need a cosigner I found one and they have very good credit should my APR and monthly payment go down with a cosigner?

No because you applied for the loan with YOUR credit. For whatever reason (you have the right to find out why) the dealership decided you were too big of a risk to be granted the loan you requested. The purpose of the cosigner is that in case you mess up your cosigner will be responsible for the loan.


Can you refinance your car without a cosigner if your current loan has a cosigner?

if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner


If a primary borrower defaults on a loan and the cosigner sues them will that prevent the lender from being able to take action against the cosigner?

No. The cosigner will still be equally responsible for the debt