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If you are 18 and you are moving out on your own and you need a loan for furniture do you need a co signer?
Wiki User
∙ 16y ago
It depends on weather or not you have credit, also the companies policies, so you will have to check through which ever company you are going through on that. However a loan on furniture is not a recommended loan. It is one of those debts you can do without, especially being only 18. Unless it is to establish credit on a low interest rate, and if you are sure you are able to afford it. If you can't make the payment on it, and are forced to sale something like furniture it doesn't have a high re-sale value and you will be in more debt.
Wiki User
∙ 16y ago
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Can a co signer removed their name from a contract if they have no cause to do so and the borrower did not miss a payment for 17 months?
No. The loan is owned by the lender. The co-signer never has any authority to remove their name from the loan. They need to discuss that matter with the lender.No. The loan is owned by the lender. The co-signer never has any authority to remove their name from the loan. They need to discuss that matter with the lender.No. The loan is owned by the lender. The co-signer never has any authority to remove their name from the loan. They need to discuss that matter with the lender.No. The loan is owned by the lender. The co-signer never has any authority to remove their name from the loan. They need to discuss that matter with the lender.
How can you get off a auto-loan as a co-signer?
The loan needs to be re-financed and be assumed solely by the person who originated the loan. The original person will need to have a worthy credit rating in order to escape the need for a co-signer.
Does the co-signer of a car loan need income?
Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.
How does a 16 year old get an auto loan?
you need to be 18 to get a auto loan,and then you would most likely need a co. signer.
Do you need a co-signer to get a auto loan?
That would depend on your age and credit rating and the rules of the loan company.
What does a co signer need?
They need to be fully informed. They need to have enough resources to pay the loan if the primary borrower defaults. The bank will determine if the co-signer meets those financial requirements. Finally they need to be asked: Why are you willing to promise to pay someone else's loan?
Would you need a co-signer for a car loan with a credit score of 682?
682
When do you need a cosigner?
If you have insufficient credit strength for a lending institution to accept a loan you'll need a co-signer.
Is it possible for a person under 18 to apply for a loan?
No-a person must be of legal age to apply for a loan and in some cases, will need a co-signer for their first loan.
Can a cosigner take over the total loan on a car?
Yes. You need to discuss this with the lender.
When a cosigner is needed to obtain an auto loan do he need to be on the title?
I am able to take a loan out against my vehicle and have a co-signer and was told by the bank that this does not mean that my co-signer can have my vehicle nor their name on the title but just that they get to repay the loan if I do not. I hope this leads you in some direction.
What are the benefits of co-signing a loan?
There are no benefits for a co-signer. If the loan is for the purchase of property such as a car, the co-signer may end up paying for property they don't own. Your role as a co-signer involves your own risk. By co-signing you agree to be equally responsible for paying the full balance of the loan if the primary borrower fails to make their payments. If they are late making a payment, it will be reported under your own credit record.Also, co-signing a loan will create a liability against the co-signer. If they need a loan, it may not be approved due to the outstanding co-signed loan or there may be a higher interest rate due to the increased possibility of a loan default if the co-signer needs to start making payments on the co-signed loan.There are no benefits for a co-signer. If the loan is for the purchase of property such as a car, the co-signer may end up paying for property they don't own. Your role as a co-signer involves your own risk. By co-signing you agree to be equally responsible for paying the full balance of the loan if the primary borrower fails to make their payments. If they are late making a payment, it will be reported under your own credit record.Also, co-signing a loan will create a liability against the co-signer. If they need a loan, it may not be approved due to the outstanding co-signed loan or there may be a higher interest rate due to the increased possibility of a loan default if the co-signer needs to start making payments on the co-signed loan.There are no benefits for a co-signer. If the loan is for the purchase of property such as a car, the co-signer may end up paying for property they don't own. Your role as a co-signer involves your own risk. By co-signing you agree to be equally responsible for paying the full balance of the loan if the primary borrower fails to make their payments. If they are late making a payment, it will be reported under your own credit record.Also, co-signing a loan will create a liability against the co-signer. If they need a loan, it may not be approved due to the outstanding co-signed loan or there may be a higher interest rate due to the increased possibility of a loan default if the co-signer needs to start making payments on the co-signed loan.There are no benefits for a co-signer. If the loan is for the purchase of property such as a car, the co-signer may end up paying for property they don't own. Your role as a co-signer involves your own risk. By co-signing you agree to be equally responsible for paying the full balance of the loan if the primary borrower fails to make their payments. If they are late making a payment, it will be reported under your own credit record.Also, co-signing a loan will create a liability against the co-signer. If they need a loan, it may not be approved due to the outstanding co-signed loan or there may be a higher interest rate due to the increased possibility of a loan default if the co-signer needs to start making payments on the co-signed loan.
