What must you have and need.....how long must you be at a job to be able to sign.....?
2007-03-04 19:12:05 · 6 answers · asked by wanks 1 in Cars & Transportation ➔ Buying & Selling
Hi,
depending on the company from which you intend to cosign a loan - what you need is...credibility. You need to satisfy their requirements for any person obtaining a loan. In effect they are asking YOU to sign for the loan because the person you are cosigning on behalf of is not a person they trust (or does not meet their requirements because of age, etc.)
Normally you will have to be adult (over 18 in the UK, over 21 in some other countries) you would also need to be in full-time employment and free from any court decisions or bad debt.
It is also possible to co-sign, or get a loan, if you can 'prove' you have sufficient money to be able to guarantee the loan amount. Though, to be honest, if you are in this situation it would be better for you to loan the money yourself (write out a contract, including the details you expect for repayment)
Remember YOU will be taking the risk that if the person taking the loan defaults on payment YOU will have to pay.
If you have a job and are free from court judgements against you and you are of age you will normally be considered acceptable by most loan companies.
Good luck,
BobSpain
2007-03-04 19:27:03 · answer #1 · answered by BobSpain 5 · 0⤊ 0⤋
You must have a fair to good credit rating.
DON'T co-sign for ANYONE. Not even your own brother, son, or anyone else. There is a 90% likelihood that YOU will get stuck with the debt, and the other party will be driving the car.
If you ask if you should co-sign on this forum, the answers will be 99.9% NO!
2007-03-05 07:51:00 · answer #2 · answered by Trump 2020 7 · 0⤊ 0⤋
You need decent credit. I would strongly urge you to think about this. The reason the lender won't give credit to the guy buying something is because he has bad credit, and if he doesn't pay, then you will be responsible. If this is a car, you could be out thousands of dollars. If it's a relative, and he defaults, it could make family holidays a little strained and ruin relationships.
2007-03-05 03:20:08 · answer #3 · answered by Fordman 7 · 0⤊ 0⤋
IM A FINANCE MANAGER FOR TOYOTA. TO BE A CO SIGNER FOR ANYTHING (ESPECIALLY CAR) YOU MUST HAVE A GOOD CREDIT RATING. YOUR CREDIT REPORT HAS WHAT THEY CALL A BEACON SCORE RANGING FROM 450 TO 850. HIGHER THE BETTER OBVIOUSLY. YOU WOULD NEED ABOUT A 650 OR BETTER. OTHER FACTORS INCLUDE HOW MUCH MONEY YOU MAKE AND CAN YOU PROVE IT. MUST PROVIDE SOME SORT OF IDENTIFICATION AND SOCIAL SECURITY CARD
2007-03-05 03:37:24 · answer #4 · answered by mike w 2 · 0⤊ 0⤋
Don't co-sign for anyone ever!
2007-03-05 03:15:06 · answer #5 · answered by Anonymous · 2⤊ 0⤋
usually atleast 1 year and better credit then they have
2007-03-05 03:15:41 · answer #6 · answered by gregs111 6 · 1⤊ 1⤋