Whenever the lending institution wants one. Basically, if the primary applicant has no credit history, or a poor credit history, lenders may require that someone with a longer/better credit history cosign.
Nope, no way, abolutely not.
I am unable to co-sign a car loan for you.
Yes, you can get a car loan at 17 with a co-signer who is willing to take responsibility for the loan if you are unable to make payments.
Yes, it is possible to have two co-signers on a car loan. Both co-signers are equally responsible for repaying the loan if the primary borrower defaults.
With a co-signer
Nope, no way, abolutely not.
I am unable to co-sign a car loan for you.
You should be more interested in your liabilities. If the other signature was forged then the loan is a criminal matter. You will need to explain why you co-signed a forged loan document and who took the money.
yes, as co-signer you only guarantee the loan in case the primary defaults, they own the car.
Most lenders will allow a co-signer to sign for a car loan without a valid driver's license. However, some form of identification will be required to prove identity of the co-signer.
No, you can only be liable for the loan. If the car was totaled and did not have insurance then you can be held responsible for the balance on the loan. Any accident or damages that occurred would be the responsibility of the driver/owner of the vehicle. All your signature did was say that you will pay the loan if the borrower fails to do so.
Yes, you can get a car loan at 17 with a co-signer who is willing to take responsibility for the loan if you are unable to make payments.
Yes, it is possible to have two co-signers on a car loan. Both co-signers are equally responsible for repaying the loan if the primary borrower defaults.
A co signer is for the loan, they do not have any ownership in the car unless they are on the front of the title. If they just co signed for the loan, that lmeans they will pay for it if the owner does not. Even if they paid the entire loan, they still would not own the car. To transfer the car, they would have to either pay the loan off or get a loan in their name and you sell the car to them.
Only if they are also on the title of the car. Call the Bank they will explain you what to do in certain situation. I got a same issue I called a bank and they offered me a back message.
With a co-signer
Yes, a co-signer can take over a car loan if the primary borrower is unable to make payments. The co-signer would then become responsible for repaying the loan.