What is a co-signer?
Fast-Track loans
Alex England
Last Update 2 jaar geleden
A co-signer is a person that agrees to join the primary borrower in being responsible for the payment and loan obligation. All co-signers are fully responsible for payment just as the borrower is. You may benefit from using a co-signer if that co-signer strengthens the creditworthiness or ability to pay.
The co-signer must submit their own application and is assessed based primarily on character and capacity.
An individual can be considered an acceptable co-signer, if they:
• Is a relative or close friend
• Has had the same job for more than 24 months
• Has lived at the same address for more than 18 months
• Has good income relative to monthly expenses (TDSR < 40%)
• Has a credit score that is considered near-prime or prime (above 660)
• Has an asset (home, savings, paid out vehicles, etc.)
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