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- Proof of Your Cosigner's Ability to Pay
Your cosigner will probably be required to produce evidence of sufficient income and/or assets to cover the amount of the loan obligation, in the event you cannot pay.
2. Stability in Employment and Residence
Although not quite as strict a requirement as the others, many banks really like to see stability, in terms of employment and residence, for your cosigner. When looking at cosigners, They favorably view cosigners that have lived at one address for five or more years and have worked at their present job for a relatively long period of time.
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∙ 11y ago
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How does cosigning for a car loan affect your credit?
No.
What do you need to co-sign for a car in Florida?
There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.
What do you need to co sign for a car in Florida?
There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.
How can you be a co-owner of a car?
By being a cosigning to a loan for the car. If one of you fails to pay the debt the other will still be obligated to make payments. Of course the actual owner will be the person taking out the loan but that is as close as you can get.
Does your credit score drop after cosigning on a loan due to the amount of the loan?
Yes.
Will cosigning a loan effect your ability to get a loan?
Yes, it will affect your debt to income ratio.
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.
How do you get your name removed from cosigning a car lease?
Until the lease is satisfied or the vehicle surrendered, you can't. You guarantee the loan if the primary cannot pay for it.
After cosigning on an auto loan and that car is traded in are you still the cosigner on the new vehicle?
No. You are only cosigner on the one vehicle you signed for. All bets are off once the car is traded.
If my parents are the cosigners on my car loan does that mean that they own any part of it?
The following link may be of interest to you: http://consumer-law.lawyers.com/Cosigning-A-Loan.html
How do you repair the damage on your credit report from cosigning a bad loan?
TIME!
I have co-signed for a friend for a new car Should'nt I have copies of all the paperwork on it?
No, you do not need copies, but can easily get copies by asking for them. Your first mistake was cosigning the loan. You are now responsible for this loan and you better pray he makes the payments on time. IMO, cosigning for a loan on anyone other than family is foolish at best. You may end up loosing a friend and lots of money to boot.
