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There is no "protection" for a co-signer except paying the loan if the primary borrower doesn't pay. If you don't pay the loan then your credit will be ruined. If you pay off the loan you can try to sue the primary borrower in civil court but the chance of reimbursement isn't generally good if they needed a co-signer in the first place.
Understand that when you co-sign for a loan you are guaranteeing that you will pay if the primary borrower doesn't.
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∙ 13y ago
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How does cosigning for an auto loan affect your ability to get your own auto loan?
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.
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
If you cosign a student loan will you still be eligible for a student loan for yourself?
YES
Can a 16-year-old get an auto loan if they have a parent who will cosign for them?
auto loanyes u can im 17 and i got a loan on a Toyota supra
Can you get a auto loan but put the car in someone else name?
You can cosign but both names will be on title.
Can someone you live with cosign an auto loan?
Yes. It depends on their credit history and willingness to co-sign and take responsibility for your loan.
Can an employer co-sign for a student 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 cosign an auto loan for your child why does the dealership say that the car has to go under your insurance?
Only the dealership can tell you why they have made this requirement.
Can a minor cosign on 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.
If you cosign an auto loan and the dealer changes the contract and put you on the loan by yourself what can you do?
If you signed the loan documents without reading them and later learned that you were on the loan alone, there is very little you can do. Your should have read before signing. If the loan was changed after you signed the documents, someone must have forged your signature on the altered documents. Then the loan is fraudulent. You may have to involve the police and go to court, however.
Can you cosign on an auto loan if you financed a car recently?
Yes, as long as the person you are co-signing for has an income. The rule is one income one loan two incomes two loans.
Can you cosign a loan if you live out-of-province?
Ca
