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Some lenders might consider someone who is at least 18, most prefer 21 or older. Some contributing factors are the credit history of the co-signer, if the person has acceptable income to debt ratio, gainful employment history, etc.
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∙ 18y ago
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Can a17 year old get a loan with a cosigner?
Yes, as long as the cosigner is a legal gardian or a parent.
Can a 19-year-old without credit who is not a student sign a lease without a cosigner?
No.
Can a 17 year old get a student loan without a cosigner?
Not possible as the applicant is a minor.
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.
Can an 18 year old be a cosigner for an adult?
Yes, an 18 year old can be a cosigner for an adult. At the age of 18, the individual themselves is considered an adult. Any adult, depending on whether or not their credit is good or bad, can cosign for another adult.
Do first time renters need a cosigner on a lease?
No, first time renters do not generally need a cosigner. They may if they are young like 18 years old or have credit or financial issues.
What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
If a 17-year-old with a 6-month-old wanted to move out in Missouri could they sign a contract with a cosigner for an apartment?
Until you are 18, or are legally emancipated, you won't be able to sign a binding contract for the lease. But the owner may accept the cosigner's signature.
What are the benefits of cosigning?
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.
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 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.
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.
