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Answered 2011-04-17 17:03:51

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.

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Answered 2011-04-17 17:03:51

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.

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Yes, it will affect your debt to income ratio.


Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.


If you are on social security you should not be cosigning on a student loan. You would be guaranteeing that if the student doesn't pay off the loan you will. The federal government can garnish your social security benefits to recover student loan payments.



There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.


The only way to be removed from the obligation of cosigner is for the loan to be refinanced.


The title to the property is what defines ownership. The person cosigning a loan has no rights to the property unless their name is also on the General Warranty Deed/title.


Hi-Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign.The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high.Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.


It's like cosigning a loan. It puts you at partial responsibility for the account.


Your cosigner's credit report should also reflect the loan. In this case, it should show as paid on time as agreed.


The loan you cosign is going to count as a loan that you have. If you have the income to support that loan, plus yours, from a loan officer's point of view, you may be able to get a loan. Generally, though, cosigning is a bad idea for anyone.


What would you do if a friend or relative asked you to cosign a loan? Before you answer, make sure you understand what cosigning involves. Under federal law, creditors are required to give you a notice that explains your obligations. The cosigner


Yes since it will show up on your credit record as your debt. You are fully responsible for any loan that you co-sign.


A loan applicant can't just "put somebody else's name" on the app. Either your mom is taking out the loan or she's cosigning for it. Either way, she will have to sign the paperwork.


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.


No, a cosigner generally has no legal rights to the property that they are cosigning for.


It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.


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No, you do not need copies, but can easily get copies by asking for them. Your first mistake was cosigning the loan. You are now responsible for this loan and you better pray he makes the payments on time. IMO, cosigning for a loan on anyone other than family is foolish at best. You may end up loosing a friend and lots of money to boot.


YES to checking CR. No, to using co-signors income. The debtor must be able to pay the loan.


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


Cosigning on a loan has nothing to do with having a drivers lincense. You are just agreeing to pay the loan if the primary person does not. You are not driving the car. The only thing a lender is interested in is your ability to pay the loan.


What are the benefits of getting a secured loan


Until the lease is satisfied or the vehicle surrendered, you can't. You guarantee the loan if the primary cannot pay for it.


One of the benefits of an FHA loan is that the payments are the same for the duration of the loan. One can have a low credit score and still be able to obtain an FHA loan.



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