0
You are standing up for the person getting the loan and saying that they are trustworthy and honest and will pay the lending institution back, BUT in the event they can not repay........................ YOU....... will pay back their debt.
Wiki User
∙ 16y ago
Wiki User
∙ 6y agoYou must realize that you own the debt and it will be reported to your credit record. If the primary borrower fails to pay the you will be held responsible for paying the loan. You should arrange to somehow monitor that the payments are being made on time. If the loan goes into default for late payments it will be reported in your name.
Add your answer:
Earn +20 pts
How does cosigning for a car loan affect your credit?
No.
Does cosigning mortgage papers and not loan papers constitute ownership?
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.
Will cosigning a loan effect your ability to get a loan?
Yes, it will affect your debt to income ratio.
How does cosigning for an auto loan affect your ability to get your own auto loan?
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.
How do you repair the damage on your credit report from cosigning a bad loan?
TIME!
What do you need to co sign for a car in Florida?
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.
What do you need to co-sign for a car in Florida?
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.
How does cosigning for a car loan affect your credit?
No.
Does your credit score drop after cosigning on a loan due to the amount of the loan?
Yes.
Does cosigning mortgage papers and not loan papers constitute ownership?
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.
Will cosigning a loan effect your ability to get a loan?
Yes, it will affect your debt to income ratio.
How does cosigning for an auto loan affect your ability to get your own auto loan?
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 cosigned a loan do you have the right to know where the person lives?
If you cosign for a loan you essentially have a right to know everything there is to know about the person you are cosigning for. I would advise you to get every detail you can because if the principal does not pay the note, then you will be legally obligated to do so.
How do you repair the damage on your credit report from cosigning a bad loan?
TIME!
Does your bad credit rating affect your children if they want a loan?
only if your cosigning
I have co-signed for a friend for a new car Should'nt I have copies of all the paperwork on it?
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.
How can someone be released from cosigning a mortgage loan without ruining their credit?
The only way to be removed from the obligation of cosigner is for the loan to be refinanced.
