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That's up to the lender. However, asking an eighty year old grandparent to co-sign for a car loan may seem predatory and inappropriate to most people (and other family members) since the co-signer is guaranteeing the loan and will be held responsible for paying it off if the primary borrower defaults. There may well be questions of undue influence or that the co-signer was not capable of making an informed decision to take on that degree of responsibility.
That's up to the lender. However, asking an eighty year old grandparent to co-sign for a car loan may seem predatory and inappropriate to most people (and other family members) since the co-signer is guaranteeing the loan and will be held responsible for paying it off if the primary borrower defaults. There may well be questions of undue influence or that the co-signer was not capable of making an informed decision to take on that degree of responsibility.
That's up to the lender. However, asking an eighty year old grandparent to co-sign for a car loan may seem predatory and inappropriate to most people (and other family members) since the co-signer is guaranteeing the loan and will be held responsible for paying it off if the primary borrower defaults. There may well be questions of undue influence or that the co-signer was not capable of making an informed decision to take on that degree of responsibility.
That's up to the lender. However, asking an eighty year old grandparent to co-sign for a car loan may seem predatory and inappropriate to most people (and other family members) since the co-signer is guaranteeing the loan and will be held responsible for paying it off if the primary borrower defaults. There may well be questions of undue influence or that the co-signer was not capable of making an informed decision to take on that degree of responsibility.
What else can I help you with?
Can a17 year old get a loan with a cosigner?
Yes, as long as the cosigner is a legal gardian or a parent.
How can you get a student loan with no cosigner and only 1 year of employment?
It is very possible to get a student loan with no cosigner and only 1 year of employment. The best solution would be to apply for a federal stafford loan.
If you refinance the house after a year can you take the cosigner off the mortgage loan?
Yes.
Can a 17 year old get a student loan without a cosigner?
Not possible as the applicant is a minor.
If you cosign an auto loan for someone and they refinance in one year and remove you from the loan how will that affect your credit assuming all payments are made on time?
The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.
If the co-signer do not have enough credit after being the co-signer half year for a car loan because of the co-singer lose the job What will happen to the co-signer?
AnswerIf you have already been the cosigner on the loan, you will remain so until the loan is refinanced or paid in full. It doesn't matter if the cosigner has lost their job or not. As long as the person is making their payments, the cosigner isn't affected at all.Good luck job hunting cosigner! :)
Can you the cosigner take your name off the loan after the other party has paid it for one year?
Typically, a cosigner cannot remove their name from a loan simply because the other party has made payments for a year. The ability to remove a cosigner depends on the lender's policies and the terms of the loan agreement. The primary borrower may need to refinance the loan or request a release from the lender, which can involve a credit assessment and meeting specific criteria. It's best to consult with the lender for the exact process and requirements.
What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
Can a 17-year-old get a loan to buy a used vehicle if he has a cosigner with great credit?
No, minors cannot legally enter into financial agreements.
Can the cosigner be taken off the loan if the primary borrower has made over a year of payments on time?
The only way for a co-signer to be taken off the loan, would be for the primary borrower to refinance the account.
If the person you cosigned for refuses to pay on the car loan after a year and a half can the cosigner take over payments and get possession of the car?
Only if they are a joint title holder of the vehicle.
If you need a co-signer to buy a car but make every payment on time for the first year can the co-signer be taken off of the loan?
Only if there is some stipulation in the contract that after a certain amount of the loan has been paid, the cosigner can be relieved of their loan obligation. That will be strictly up to the LENDER and their credit guidelines.
