0
If you are a minor and you cosign with your parents who have bad credit on a car loan will you have to pay a high interest rate?
Wiki User
∙ 8y ago
Perhaps I am not reading your posting correctly, but... As a minor you cannot enter into a (legal) contractual agreement. And you most assuredly would not be accepted as a cosigner for any type loan.
Yes! I was 20 when my dad co-signed for me on a used car loan. After 3 days of "searching" for a bank that would approve us, we ended up with 21.85%! Im refiancing at the 1 year anniversary.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
Can a minor cosign a loan with someone other than his or her legal guardian?
If you are a minor, you cannot LEGALLY cosign or sign any loan/contractual agreement.
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.
Can a minor take out a loan if their parent cosigns and if so is the cosigner financially responsible for the signer?
Yes, your parents can cosign for a loan and if you are smart keep up the payments on that loan as it will give you a good and early credit record. If you don't keep up the payments it's a lousy thing to do to your parents, and they will be stuck paying that loan. Marcy
How do you get a credit card before eighteen?
Only through your parents can you get one. A credit card is basically a loan from a bank that you pay back with interest. This means you sign a contract with the bank and you can't legally do that until you are 18 and an adult. A minor can't sign contracts.
Can you get a credit card at age 13?
No, they can't accept that their parents or one of them authorize that they can, and if they do they need to really check that their son or daughter is responsible enough for a credit card. A minor may be able to use an adult's credit card if the credit card owner has officially authorized the minor to use it.
Can a minor cosign a loan with someone other than his or her legal guardian?
If you are a minor, you cannot LEGALLY cosign or sign any loan/contractual agreement.
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.
Can a minor take out a loan if their parent cosigns and if so is the cosigner financially responsible for the signer?
Yes, your parents can cosign for a loan and if you are smart keep up the payments on that loan as it will give you a good and early credit record. If you don't keep up the payments it's a lousy thing to do to your parents, and they will be stuck paying that loan. Marcy
What if your parents wont let you be with the one you love?
If you are an adult then your parents cannot prevent it. If you are a minor it is likely your parents are acting in your best interest.
How do you get a credit card before eighteen?
Only through your parents can you get one. A credit card is basically a loan from a bank that you pay back with interest. This means you sign a contract with the bank and you can't legally do that until you are 18 and an adult. A minor can't sign contracts.
Can an unpaid medical bill from 2004 be entered on the credit report of a minor?
If the bill belongs to a minor, it will most likely be put on the credit report of the responsible party, which would be one of the parents, or the legal guardian of the minor at the time the debt was accrued.
Can a child be obligated to pay a parents' credit card debt when they are of legal age if they were assigned a card as a minor?
no
Can you get a credit card at age 13?
No, they can't accept that their parents or one of them authorize that they can, and if they do they need to really check that their son or daughter is responsible enough for a credit card. A minor may be able to use an adult's credit card if the credit card owner has officially authorized the minor to use it.
How do you get a credit card when you are a minor?
Your parents or legal guardians can request one for you. As a minor, you can't get one yourself as you don't have the legal authority to accept the contract terms.
Are parents legally responsible for child's credit card debt?
If the parents are the primary card holders and let the child use the card, yes. If the child is a minor, yes. If the parents are a co-signer for the account, yes. If the child is over 18 and the credit card is their own, no.
How would you get a loan if you are a minor and both of your parents have bad credit?
Either find another person with GOOD credit to co-sign for you OR go to a BHPH (tote-a-note) lot.
How do you find an attorney to represent a minor child's interest in a contested custody situation?
If the minor child's interest needs to be monitored the court will appoint a guardian ad litem. Custody issues are legal matters between parents.If the minor child's interest needs to be monitored the court will appoint a guardian ad litem. Custody issues are legal matters between parents.If the minor child's interest needs to be monitored the court will appoint a guardian ad litem. Custody issues are legal matters between parents.If the minor child's interest needs to be monitored the court will appoint a guardian ad litem. Custody issues are legal matters between parents.
