Trying to get a personal loan with a cosigner?
anonymous asked:
I dont have good credit, but my cosigner does. But my cosigner is retired and only collects social security. Will I be able to get the loan?
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I dont have good credit, but my cosigner does. But my cosigner is retired and only collects social security. Will I be able to get the loan?
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Tags: Cosigner, Personal Loan, Social Security
July 9th, 2009 at 8:42 am
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Some lenders are more flexible than other when it comes to cosigner deals. It also depends on what you are trying to buy.
Either way I would expect a high rate, the cosigner may be able to help you get what you are looking for but you would still be responsible for the loan and the rate would be primarily based on your credit.
Also, with just SSI income, that isn’t a very strong and stable source of income. I would venture to say it will probably be pretty tough to get approved (if you are buying a car you may need to put a good amount of money down - this makes a deal look more attractive to a bank. When you are financing less than the value of the car the risk level is less therefor they may be willing to take a chance on you.)
July 11th, 2009 at 10:18 pm
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Some loans work with that situation, the only way to know for sure is to make sure your income is enough for the loan, the debt to income ratio is what I would be concerned about.
July 13th, 2009 at 4:15 pm
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July 14th, 2009 at 4:56 am
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July 17th, 2009 at 4:41 am
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