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If a person needs a co-signer that means the lender doesn't think they have enough income to pay the loan, haven't established a good credit record, are a poor credit risk or have a poor credit record. Those are signs that they will be a responsible borrower.
When you co-sign a loan you are promising to be responsible for full payment of the loan if the primary borrower stops paying. You are equally responsible for paying the loan even though you don't own the property covered by the loan.
Take for example a car loan. If the primary borrower fails to insure the car (many do) and wrecks it, they usually stop making payments. The lender will go after you for the payments and both your credit records will be ruined. The lender could sue you in court and if successful could obtain a judgment lien against you and take any of your property to satisfy the lien.
You need to be fully informed before co-signing any loan and you should never co-sign unless you can afford to pay off the loan yourself.
If a person needs a co-signer that means the lender doesn't think they have enough income to pay the loan, haven't established a good credit record, are a poor credit risk or have a poor credit record. Those are signs that they will be a responsible borrower.
When you co-sign a loan you are promising to be responsible for full payment of the loan if the primary borrower stops paying. You are equally responsible for paying the loan even though you don't own the property covered by the loan.
Take for example a car loan. If the primary borrower fails to insure the car (many do) and wrecks it, they usually stop making payments. The lender will go after you for the payments and both your credit records will be ruined. The lender could sue you in court and if successful could obtain a judgment lien against you and take any of your property to satisfy the lien.
You need to be fully informed before co-signing any loan and you should never co-sign unless you can afford to pay off the loan yourself.
If a person needs a co-signer that means the lender doesn't think they have enough income to pay the loan, haven't established a good credit record, are a poor credit risk or have a poor credit record. Those are signs that they will be a responsible borrower.
When you co-sign a loan you are promising to be responsible for full payment of the loan if the primary borrower stops paying. You are equally responsible for paying the loan even though you don't own the property covered by the loan.
Take for example a car loan. If the primary borrower fails to insure the car (many do) and wrecks it, they usually stop making payments. The lender will go after you for the payments and both your credit records will be ruined. The lender could sue you in court and if successful could obtain a judgment lien against you and take any of your property to satisfy the lien.
You need to be fully informed before co-signing any loan and you should never co-sign unless you can afford to pay off the loan yourself.
If a person needs a co-signer that means the lender doesn't think they have enough income to pay the loan, haven't established a good credit record, are a poor credit risk or have a poor credit record. Those are signs that they will be a responsible borrower.
When you co-sign a loan you are promising to be responsible for full payment of the loan if the primary borrower stops paying. You are equally responsible for paying the loan even though you don't own the property covered by the loan.
Take for example a car loan. If the primary borrower fails to insure the car (many do) and wrecks it, they usually stop making payments. The lender will go after you for the payments and both your credit records will be ruined. The lender could sue you in court and if successful could obtain a judgment lien against you and take any of your property to satisfy the lien.
You need to be fully informed before co-signing any loan and you should never co-sign unless you can afford to pay off the loan yourself.
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What happens if you cosign a loan and the other person dies?
yes
Can you have a person with new credit cosign your loan?
It's up to the lender.
If one person obtains a loan can they claim another persons income if they dont cosign?
No. No income not belonging to an obligated borrower may be considered.
Can someone without a job co-sign on a car?
Yes, a person without a job can cosign on a car loan. However, the person must have great credit before they can cosign.
Can a minor cosign on a loan?
absolutely not. Minors are not able to cosign any loans, only an adult (eighteen years or older) is aloud to cosign a loan. the law states that any minor is not responcible for the repayment of any loan.
What happens if you cosign a loan and the other person dies?
yes
Can you have a person with new credit cosign your loan?
It's up to the lender.
If one person obtains a loan can they claim another persons income if they dont cosign?
No. No income not belonging to an obligated borrower may be considered.
Can someone on social security benefit's cosign for a loan?
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.
If i cosign a car for someone will my name come off in a year?
No. It doesn't come off until the loan is paid and if the person who is getting the loan doesn't pay you will owe for the loan. When you cosign it also goes on your credit report.
Can someone without a job co-sign on a car?
Yes, a person without a job can cosign on a car loan. However, the person must have great credit before they can cosign.
How do you find private individual to loan money or cosign for a loan?
You'd need to ask your friends and family. No one you don't know is going to cosign for you, and a lot of people you do know may turn you down also. Answer If you need someone to cosign a loan because you cannot obtain it on your own, you should not get a loan. All you are doing, in essence, is passing on the problem to another person, who will likely end up paying for both. Improve your habits and credit history and wait until you can do this on your own.
Can an employer co-sign for a student loan?
Yes, an employer can cosign for a student loan. Any one can cosign for a student loan if they meet the requirements.
Can a minor cosign on a loan?
absolutely not. Minors are not able to cosign any loans, only an adult (eighteen years or older) is aloud to cosign a loan. the law states that any minor is not responcible for the repayment of any loan.
Can you cosign a loan if you live out-of-province?
Ca
If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?
Yes.
Can a minor cosign a loan with someone other than his or her legal guardian?
If you are a minor, you cannot LEGALLY cosign or sign any loan/contractual agreement.
