Expert Advice for Cosigners

All Questions on Cosigners

Do you need to add an additional insured to your car insurance?
My mom cosigned for my car loan. Do I have to add her to my car insurance policy?
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Emily Maracle
Aug 19, 2021
Can I get a car loan at 18?
I just turned 18 a few weeks ago, and it looks like I might need a car loan. I'm looking for work, but the only places that are hiring are too far to walk to—and since I haven't started working yet, I don't have the money to buy a car outright. Given my age, will anyone be willing to give me a loan?
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Johnny Puckett
Aug 09, 2021
Does the cosigner of my car loan have to be on the title?
Does the cosigner have to be on the title as well? I'm buying a car but I need a cosigner for the loan. I'd like to have my own name on the car title.
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Eric Schad
Jul 13, 2021
Does paying late on a car loan affect the cosigner's credit?
Does paying late affect the cosigner's credit score? I've paid about a week late on my car loan for the past several months. I'm embarrassed to tell my dad that I've been behind, but it dawned on me that this might affect his credit score.
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Eric Schad
Jul 13, 2021
Does a cosigner for a car loan need a specific credit score?
Does a cosigner need a specific credit score to be approved? I want to cosign for my son's car loan as he's worked all summer to save up for a car, but he doesn't have any credit. My credit score is decent; it currently sits at about 675. Is this a good enough credit score for a cosigner?
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Eric Schad
Jul 13, 2021
Will becoming a cosigner on a car loan impact my chances for other loans?
Will being a cosigner on a loan affect my chances to get other loans? I'm cosigning on a loan for my daughter. While this isn't an issue itself, I was thinking of buying an RV in the next few months.
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Eric Schad
Jul 13, 2021
How much does a repo hurt your credit as a cosigner on a car loan?
How much will a repo hurt my credit score? I cosigned for my son's car loan. Turns out that he hasn't paid for months while he was away at college. I don't know if it was a pride thing or indifference, but now the car has been repossessed.
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Eric Schad
Jul 13, 2021
Can a cosigner sue you if you don't pay on a car loan?
Can a cosigner sue you if you default on a car loan? I had one of my friends cosign on my car loan. Long story short, we don't get along at all anymore. Because of our falling out, I didn't pay my car loan last month out of spite. I know it was wrong, but I'm just wondering if he can sue me if I continue to default.
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Eric Schad
Jul 13, 2021
Who's the best candidate for a cosigner for a car loan?
Who's the best candidate for a car loan cosigner? I want to get a car loan but my credit isn't great. My lender told me to get a cosigner and approval wouldn't be a problem. I've asked a close friend if he'd be a cosigner, but he's reluctant. My aunt said she would do it, but I have my reservations.
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Eric Schad
Jul 13, 2021
Is my credit score irrelevant if I have a cosigner with good credit?
Does my score even matter if I have a cosigner with great credit? My credit score is around 500, so I need a cosigner to get a car loan. My father agreed to cosign and he has an 800+ credit score.
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Eric Schad
Jul 13, 2021
Do I still build credit if I have a cosigner?
Will I still build credit even if I have a cosigner? The bank says I need a cosigner for my car loan as I have little credit history.
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Eric Schad
Jul 13, 2021
Is there an age limit for cosigning for a car loan?
Is there an age limit for cosigners? My bank tells me I need a cosigner to get a car loan. The only person I can find is my grandfather, who is 85 years old.
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Eric Schad
Jul 13, 2021
What's an acceptable credit score for my cosigner on a car loan?
"What credit score does a cosigner need to have in order to help me get approved for a car loan? I have no credit history but my credit union told me they'd approve my loan with a cosigner with decent credit."
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Eric Schad
Jul 13, 2021
Can a cosigner have good income but bad credit for a car loan?
Can a cosigner help me get approved on a car loan if they have good income but poor credit? I want to get a car loan but I need a cosigner. The only person willing to do so is my mother. While she makes great income as a nurse, her credit score is poor.
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Eric Schad
Jul 12, 2021
If I sign on someone else's car loan as a cosigner, how can I protect myself?
How can I protect myself as a cosigner? My nephew wants me to sign on his car loan so he can get approval. I'm fairly certain this won't pose an issue as he's responsible for his age. His disapproval is mostly the result of no credit history.
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Eric Schad
Jul 12, 2021
If I default on a car loan, how does it affect my cosigner?
If I default on my loan, will it affect my cosigner? I have a silent cosigner; my uncle cosigned with the idea that he'd never have to hear about it if I'm responsible. All of a sudden, I can't pay my car loan and I'm worried it will affect my uncle's credit score. Help!
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Eric Schad
Jul 12, 2021
Can my significant other cosign for a car loan?
Can my boyfriend cosign for my loan? I have terrible credit, but my boyfriend has great credit. I need a car badly and I can't pay cash for one.
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Eric Schad
Jul 12, 2021

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