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What is required to be able to cosign for an auto loan in Florida?
Wiki User
∙ 17y ago
Good credit. When you co-sign, you're basically assuming complete financial responsibility if the primary lendee can't meet his obligations. That's why is crucial that you consider whether you want to be a co-signer or not. Co-signing gives you no legal right to property; it only means you're supporting the financial endeavor of the primary individual and will take over payments if he can't. Should that happen, you are subject to the same civil and ciminal penalties allowed under law for financial default. * A cosigner must also be of the state's legal age of majority. There are not criminal penalties applicable when it pertains to debts unless the borrower(s) deliberately falsified statements to obtain goods, cash or services with "malicious intent" to defraud the creditor.
Wiki User
∙ 17y ago
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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.
Can you get a auto loan but put the car in someone else name?
You can cosign but both names will be on title.
Can a 16-year-old get an auto loan if they have a parent who will cosign for them?
auto loanyes u can im 17 and i got a loan on a Toyota supra
Can your dad cosign for auto loan?
Yes, if he's willing and his credit will support it. But don't let Dad down . It's a one-time thing if you default on the payments.
Can you cosign on an auto loan if you financed a car recently?
Yes, as long as the person you are co-signing for has an income. The rule is one income one loan two incomes two loans.
Can you be seventeen and have a cosigner cosign for an auto loan?
i was able to get an auto loan with the help of a cosigner and im under 18
Is SR22 auto insurance required in the state of Florida after an auto accident?
SR22 auto insurance is definitely required to get through an auto accident in florida, as it is an essential part of paying off the debts of the crash.
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.
Is auto inspection mandatory in Florida, USA?
after reviewing florida auto inspection laws it is mandatory to have your vehicle inspected prior to getting your inspection registration sticker and auto insurance is required to do so
If you cosign on an auto loan is it required that you be named on the owners auto insurance just because you are on the title?
No if you consign you should be listed as the additional insured but you dont need to be on the policy provided of course that you are not driving the vehicle and are not a resident of the household where the vehicle is kept.
Do you have to get your auto insurance under your cosigner's auto insurance if they cosign for you?
maybe it will help you - autoinsurance.aains.us/adding-young-driver-auto-insurance-policy/
Can you get a auto loan but put the car in someone else name?
You can cosign but both names will be on title.
Can a 16-year-old get an auto loan if they have a parent who will cosign for them?
auto loanyes u can im 17 and i got a loan on a Toyota supra
Are you required by law to have car insurance in the state of Florida?
Yes, in fact all states require auto insurance.
Is state auto insurance mandatory in Florida?
In Florida, auto insurance policies differ greatly from other states. The required insurance includes Property Damage Liability, Personal Protection Insurance and Personal Injury Protection. Things such as Collision and Comprehensive coverage are not mandatory in Florida.
If you cosign an auto loan for your child why does the dealership say that the car has to go under your insurance?
Only the dealership can tell you why they have made this requirement.
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.
