can a cosigner help you get a loan

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  • Can a co-signer help you get approved for a personal loan?

  • A co-signer can help you get approved for a personal loan, and you might qualify for better interest rates with their help. But co-signing is risky, so it鈥檚 crucial for the co-signer to understand what鈥檚 at stake.

  • Do I need a cosigner for a bad credit car loan?

  • Increases approval chances 鈥?When your credit isn鈥檛 the best, a cosigner with good credit should help you with a bad credit car loan. Many times, subprime lenders require a cosigner in order to approve you. Helps the primary borrower build credit 鈥?In addition to getting approved, having a cosigner can help you improve your credit.

  • What happens if a cosigner falls behind on a loan?

  • Make payments on your loan: You and the cosigner will be equally responsible for the personal loan. If you fall behind on payments, both your and your cosigner鈥檚 credit will take a hit, and the lender can go after the cosigner for payments.

  • Does a cosigner affect your credit score?

  • You and your cosigner will enter basic personal and financial information, and submit to a soft credit check, which won鈥檛 affect your credit scores. If you prequalify and meet cosigner requirements, the lender will show you the kind of loan terms you may receive.

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