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A joint loan is when both individuals are fully responsible for a loan and it will report on both individual's credit bureau.
So if both individual don't make a payment or does not pay enough of the monthly payment it will report on both credit bureau files as a late payment.
What else can I help you with?
How do you add your child as joint tenant to your home loan?
How do you add your child as joint tenant to your home loan
Can you have different addresses on a joint loan?
Yes.
What happens to the joint mortgage holder of a take over mortgage if the original mortgage holder pays the loan?
The joint person is still responsible until the loan is paid off or refinanced out of the person's joint name.
Can you loan with speedy cash if you have a joint account?
Possibly, but you should consult your joint account holder before doing this.
Can a person take out a personal loan from a joint account?
A joint account is just another bank account which can be used for any purpose. Yes, you can use it to take a personal loan or pay for one. There are no restrictions reg. joint accounts not be linked with personal loans.
How do you remove your name from a joint auto loan?
The car loan will have to be paid off in order to remove your name. The other signer will have to get a new loan in her/his name only.
Can child support garnish a joint personal loan?
Yes to the extent that the loan becomes an asset (bank account, etc.).
Who pays loan on joint account when only one signed for the loan then dies?
I'm not sure if I get the question. Are you talking about having a cosigner orlike in a PLUS loan? If a borrower dies, the loan can be discharged.
Will having a joint bank account with someone who is behind on their personal loan affect your own ability to get a personal loan?
No. Credit history pertains to the individual. With the exception of joint accounts such as credit cards, not bank accounts.
Whats the difference between a joint loan and co signed loan?
A joint loan involves two or more borrowers who share equal responsibility for the loan, meaning all parties are equally liable for repayment and can access the funds. In contrast, a co-signed loan involves one primary borrower and a co-signer, who agrees to take on the debt if the primary borrower defaults, but does not have access to the loan funds. While both arrangements can help individuals with limited credit obtain loans, a joint loan reflects a partnership in borrowing, whereas a co-signed loan places more risk on the co-signer.
Does a bank have to refinance a car to transfer payments to someone else?
Yes. Or the bank can "add" you to the loan and retain the originator too making the loan a "joint" or "co-signed" loan.
Who get credit on Joint car loan how get credit score?
On a joint car loan, no one is increasing their credit score. This is usually the case when one signer is weak to get approved and require a co-signer. Co-signer is financially responsible for the car loan if signer default on the loan. For more information you can try this web site at http://www.autocreditfinancial.ca
