How old does a co-signer for a car loan have to be?

Question

So you have to be 18 to enter a legal binding contract, but how old does one have to be to be the co signer.

Also does this person need good credit, or the fact that they now have two people on the ring for the payments enough to get approved?

Answer 1

A Co-Signer enters into the same legal contract so they must be 18 also. The Co-Signer not only needs good credit but enough income to be able to qualify for the loan. It does not matter if you have 2 or 200 people on the loan if none have good credit and can't pay it does the lender no good.

Answer 2

Poor credit car loans have been specifically designed for those people who have trouble getting credit due to their credit score being too low, if your credit score is too low then you will be seen as a huge risk and as such the lender will not take a chance on you and so turn you down. You can bring your credit rating back up by doing certainwebsite will also be able to offer you the best advice. However unless you know something about car loans and in particular what to look for when it comes to getting a poor credit car loan then you could end up paying way over the odds for the privilege of getting the loan.

Answer 3

The cosigner has to be 18 or they couldn't sign a legal contract and be held responsible for it. And yes, they'd need good credit - the whole point of a cosigner is that the lender figures that SOMEBODY will pay them.