i just searched this topic online because i cosigned for my bf's car loan today with Honda... the way our was set up was that if he makes all his payments on time for the next 6 months, he has the option to refinance with himself as the only applicant and will take me off as the leasee... not sure what car company you're buying from but you should check about this
The LENDER will have to remove any co-signor from the loan. Your only option is to have your daughter refinance the loan in her name only. She might be able to do this, given enough positive credit history on the existing loan and proof that it was her making the payments on time.
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.
The pros are really only for the person who needs a cosigner. The reason they need one is because they do not have good enough credit to get the loan on their own. By Cosigning with them you are helping them to build their credit with a loan they wouldn't be able to get on their own. It also is listed debt for bolth people so If the cosigner trys to get their own loan later they will take that additional debt into account against them. The big con is that if the person you cosign for doesnt pay you are liable for all the money and if you don't pay it it goes against you credit. Be very aware who you cosign for and that they can be trusted because they can hurt youre credit as well as theirs if they don't pay.
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
Yes. And you may be able to buy it without a co-signer.
i was able to get an auto loan with the help of a cosigner and im under 18
The LENDER will have to remove any co-signor from the loan. Your only option is to have your daughter refinance the loan in her name only. She might be able to do this, given enough positive credit history on the existing loan and proof that it was her making the payments on time.
Anyone the lender accepts can be a cosigner...that is entirely the lenders choice. However, they naturally want someone more qualified, having a higher credit score, than the primary. Your father likely does not.
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.
Normally a cosigner has to be able to pay the loan if the signer does not pay. So the cosigner should have better credit than the person seeking the loan.
No. The cosigner will still be equally responsible for the debt
If you are credit-worthy, you may be able to co-sign for your boyfriend's vehicle. But be aware that if he fails to make payments for any reason, you are liable for the debt and the creditor will come after you and possibly file suit against you. - I wouldn't do it.
Chances are you will not be able to remove yourself from responsibility for any loan you cosign until the loan is paid in full. Remember, the borrower needed you to cosign because he didn't have credit, or had bad credit and was not considered by the lender to be a suitable risk. By cosigning, you are actually taking full responsibility for repaying the loan. There are a few situations where a lender may agree to remove you as cosigner if records indicate that payments have been made on time for a period of
no
The pros are really only for the person who needs a cosigner. The reason they need one is because they do not have good enough credit to get the loan on their own. By Cosigning with them you are helping them to build their credit with a loan they wouldn't be able to get on their own. It also is listed debt for bolth people so If the cosigner trys to get their own loan later they will take that additional debt into account against them. The big con is that if the person you cosign for doesnt pay you are liable for all the money and if you don't pay it it goes against you credit. Be very aware who you cosign for and that they can be trusted because they can hurt youre credit as well as theirs if they don't pay.
Yes, someone on the social security can be able to cosign for a loan. The person cosigning the loan however has to have good credit regardless of his availability on the social security benefit.
You should talk to your college's Financial Aid office, who will be able to direct you to potential loan sources which may not need a cosigner. Most students are not going to be able to get a loan without a cosigner unless it's something like a guaranteed student loan, in which the government is effectively your cosigner. You will need to qualify for a GSL, though, and your financial aid office will help you with that.