2007-03-28 13:59:52 · 6 answers · asked by Chris k 1 in Business & Finance ➔ Credit
Both.
They wanna make sure that person will be able to pay in case you don't pay!
2007-03-28 14:06:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-28 11:01:23 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Have a good credit score is one point up. However, you will still need to convince the lender how are you going to repay the loan/s. Co-signer is jointly liable for loan repayment.
2007-03-28 14:06:57 · answer #3 · answered by SGElite 7 · 0⤊ 0⤋
They need to have the same qualifications as any loan applicant. Since they are on the hook for the loan as much as you are, the bank will want to know if they have the ability to pay if you dont. That means they need to show proof of income as well.
2007-03-28 14:07:36 · answer #4 · answered by sothere! 3 · 0⤊ 0⤋
If you co sign, be ready to pay the entire loan off.
2007-03-28 14:08:07 · answer #5 · answered by barthebear 7 · 0⤊ 0⤋
They need both, since a co-signer is guaranteeing payment if you default.
2007-03-28 14:08:27 · answer #6 · answered by Brian G 6 · 0⤊ 0⤋