i applied for a car loan and they told me that i needed a parent to co sign..does this apply everywhere?? can i get my bf to cosign for me?
2007-08-02 07:52:22 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
in my case the parent doesnt have good credit i ask because i had by bf co sign but they told me my parent had to..??
2007-08-02 08:01:30 · update #1
i am not a MINOR!
2007-08-02 17:27:17 · update #2
Auto finance is what I do for a living and a co-signer either has to be a relative or must live at the same address in most cases.
Your boyfriend can co-sign but since you two are not married the lender will most likely ask for proof that you both live at the same address.
2007-08-02 08:10:25 · answer #1 · answered by ? 7 · 0⤊ 1⤋
A cosigner must be a competent adult with a good or better credit record. If you are a minor, state law may well require the parents' consent to have you take out a loan, which they would give by co-signing. Your bf would not be able to in that case.
In any event, I would think twice about having your bf cosign. If the friendship goes bad and you can't pay the loan, or even if you just fall into payment problems, your relationship with your bf will be changed quickly, and not for the good.
2007-08-02 08:05:13 · answer #2 · answered by thylawyer 7 · 0⤊ 0⤋
If there is no one that you can ask to co-sign for you you can go to the school and talk to the bursars office. Since your dad is in Jail the school might want to help you stay in by giving you a scholarship. Go into the office, dont' call, and tell them what your problems are and see how they can help! I didn't try this, but have read that this is what you should do. My credit is also bad, my husband makes good money so paying back a loan is not a problem, we just had a finanical crisis a few years ago and it ruined our credit. My daughters loans were also denied. Finally I did find a family member willing to cosign. Is there anyone you know that would be willing to cosign for you...you sound like a hard worker, I am sure you will pay your loans resonsibly.
2016-05-21 02:16:42 · answer #3 · answered by leta 3 · 0⤊ 0⤋
anyone can co-sign, but why would anyone else co-sign for you? they would be putting their credit on the line. they suggest parent because your parents are usually your best bet and usually have a better credit history and will probably make payments for you if you dont have the money. anyone else, if they would cosign for you, wouldnt go that far.
2007-08-02 07:57:21 · answer #4 · answered by cashmaker81 6 · 1⤊ 0⤋
Anyone willing can co-sign. But whoever co-signs will need to have good credit, or at least better than you.
Most people are afraid to co-sign for those who are not close friends or relatives, and you cant blame them.
2007-08-02 07:55:39 · answer #5 · answered by rdnkchic2003 4 · 0⤊ 0⤋
Anyone that wants to be liable for your loan that the lender approves may cosign.
2007-08-02 08:00:32 · answer #6 · answered by Ronko 4 · 0⤊ 0⤋
a co-signer is a co-signer. As long as their credit is good and they are willing, they can co-sign for you.
2007-08-02 07:56:05 · answer #7 · answered by JLM 4 · 0⤊ 0⤋
yes
2007-08-02 08:00:02 · answer #8 · answered by johnny s 2 · 0⤊ 0⤋
yes, if u can't get them too.. Good luck with that
2007-08-02 07:55:18 · answer #9 · answered by shorty21 5 · 0⤊ 0⤋