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Whether he lost his licence doesn't matter. What matters is that he is making money and is able to pay if you default on the loan. It also helps if he has good credit.

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โˆ™ 2006-04-18 23:37:22
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Q: If you're currently unemployed and your fiance wants to cosign and make the payments on a used car but he lost his license due to a DWI can he still cosign for you?
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Related questions

Can you cosign if you are unemployed?

That is not likely because you wouldn't be a good credit risk.

Can a person without a drivers license cosign for someone?


Can you cosign for someone on a mortgage loan while unemployed?

As a co-signer you are taking responsibility for the loan if the signer defaults. If you are unemployed, why would you want to expose yourself to that risk?

Can a cosigner of a home loan receive half of the proceeds?

Did you help make payments? If all you did is to cosign, then no.

Does a cosigner need a driver's license?

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

Can you cosign if you are getting unemployment checks?

That would be up to the lender. However, it is unlikely a lender would allow you to co-sign for a debt when you are unemployed.

Can you cosign for a car if you do not have a license?

Yes. The ability to legally operate a vehicle is not a prerequisite for ownership of one.

Can you buy a car for your kid and they make the payments?

If you cosign the paperwork will come in your name and if they dont pay it comes back on you.

Rights of a co-signer on car if payments arent being made?

He has the right to make the payments or have his credit ruined. DON'T cosign a loan unless you are willing to make the payments if (when) the primary borrower defaults.

If you cosign for a student loan does it show up on your credit report before or after the student starts making payments?

It shows on your credit report even before they start making payments.

If you cosign a car make the payments do you have the right to possess the car?

You have the right to possess the car if your name is on the title as a co-owner.

Can your husband cosign on a car loan with a suspended license?

ok Should not be a problem. A car loan is about credit, not driving.

If you cosign for a car does your credit rating improve?

Your credit rating will improve if the party that you have co-signed for makes prompt payments. If they fail to do this, you are on the hook for the payments and late fees that they may incur. Only co-sign for someone that you are sure will make the payments.

What is the cosign of pi?

The cosign of pi is -1

If you cosign for a car loan for a family member they don't make payments can the company sue you for money?

yes - when you co-sign, you are guaranteeing the bank that they will be paid

If I were to Cosign for someone so they could get a car what happends What is my obligation then?

You could be held liable for the payments if the other party defaults. Your signing the contract is "insurance" for the lender that payments will be made, and they will consider you responsible if the primary party defaults.

How can you get a bank lown at 20 years old?

you need to get someone with good credit who trusts you and is willing to cosign for the loan, meaning they will cover the payments if you screw up.

How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?

When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy

Does a lender have to notifiy the cosigner of late payments?

NOPE! sadly they don't even have to tell you they repoed or are going to repo. the unit. This includes houses, Good rule, DO NOT COSIGN.

Can your dad cosign for auto loan?

Yes, if he's willing and his credit will support it. But don't let Dad down . It's a one-time thing if you default on the payments.

How many time can you cosign a car?

how many times can someone cosign a car

If 2 people cosign as borrowers for a mortgage how can you get one person off the mortgage if they aren't making any payments?

The only way to remove a borrower from a mortgage is to refinance the mortgage.

Can your husband cosign on someone's home without your knowledge?

Yes. And if he does he will become equally responsible for paying the mortgage if the primary mortgagor defaults on their mortgage payments. The bank will go after him for 100% of the debt.

Can someone cosign for only a certain amount on a loan such as if the person only wants to cosign for 12k but the loan is 17k?

No. You co-sign for the note as indicated on the documents you sign. There is no half way. Beware ... When a lender asks for a co-signer, the lender knows that the co-signer will have to make at least some of the payments. This answer comes from experience.

Do you have to be a relative to cosign? father cosigned for me,but the bank told me that anybody could cosign..good luck to you.