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To cosign a loan is to guarantee payment if the borrower fails to pay.
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∙ 9y ago
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You are 16 can you take out a loan?
No. You must be at least 18 to sign a legal contract. Or you can get someone of age to co-sign the loan.
Does a cosigner have to be physically present to co-sign a loan?
Yes the co-signer has to be physically present to co-sign a loan
Can someone with no credit cosign for someone?
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
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.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
You are 16 can you take out a loan?
No. You must be at least 18 to sign a legal contract. Or you can get someone of age to co-sign the loan.
Can you sue someone for not paying the car loan in which you co sign for?
Yes.Yes.Yes.Yes.
Does a cosigner have to be physically present to co sign a loan?
Yes the co-signer has to be physically present to co-sign a loan
Does a cosigner have to be physically present to co-sign a loan?
Yes the co-signer has to be physically present to co-sign a loan
Can someone with no credit cosign for someone?
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
Can you get a car loan without having a drivers license?
No you need a valid DL for the loan officer to see...or you could have someone co-sign a loan for you...
Can someone you live with cosign an auto loan?
Yes. It depends on their credit history and willingness to co-sign and take responsibility for your loan.
Can someone with a bankruptcy but above-average income and a low debt-to-income ratio co-sign a student loan?
No. If someone has a bankruptcy in their last 10 years with an above average income and a low debt-to-income ratio can't co-sign a student loan.
What happens to your credit if you co-sign for someone and they quit making payments?
When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.
Can someone that has a co-signer co-sign on a loan?
You have a co-signer and you want to co-sign someone Else's loan. Horrible idea. Co-signing a loan is a good way to pay for a loan that you will get no benefit out of. Do not co-sign any loan. A person that needs a co-signer is a bad credit risk, that is why the lender requires a co-signer. So why would you want to get involved with this. Remember the old saying which is still very true. Never, ever, do business with family or friends. That is a good way to cause family strife and loose a friend.Another PerspectiveIf you needed a co-signer for your own loan then chances are your credit isn't good enough for another lender to accept you as a co-signer on another borrower's loan. After all, the bank's purpose for requiring a co-signer is to make certain the loan will be paid. They will go after the co-sogner if the primary borrower defaults on the loan.
Is my wife responsible for my debt even if she did not co sign on the loan?
If she did not Co-Sign and her name is not legally attached to the loan, then you are soley responsible for the payments. Not her.
Can a bank automatically take a payment out of a co signers acct if loan is late?
Yes, if that is what they agreed to when they co-signed the loan. Remember, when you co-sign a loan you are fully responsible for paying it if the primary borrower fails to pay. The co-signer should review all the documents they signed when the loan was granted.Yes, if that is what they agreed to when they co-signed the loan. Remember, when you co-sign a loan you are fully responsible for paying it if the primary borrower fails to pay. The co-signer should review all the documents they signed when the loan was granted.Yes, if that is what they agreed to when they co-signed the loan. Remember, when you co-sign a loan you are fully responsible for paying it if the primary borrower fails to pay. The co-signer should review all the documents they signed when the loan was granted.Yes, if that is what they agreed to when they co-signed the loan. Remember, when you co-sign a loan you are fully responsible for paying it if the primary borrower fails to pay. The co-signer should review all the documents they signed when the loan was granted.
