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To cosign a loan is to guarantee payment if the borrower fails to pay.

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10y ago

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Related Questions

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.


Are you looking for a cosigner to help secure a loan or lease agreement?

Are you seeking someone to co-sign a loan or lease with you?


Would you be willing to co-sign a car loan for me?

I am unable to co-sign a car loan for you.


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...


What does it mean to co-sign and what are the responsibilities involved in co-signing a loan or agreement?

Co-signing means agreeing to be responsible for someone else's debt if they cannot pay. When you co-sign a loan or agreement, you are legally obligated to make payments if the other person fails to do so. This can affect your credit score and financial stability, so it's important to carefully consider the risks before agreeing to co-sign.


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.


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.