Co-Signing Loans New York

If you have good credit, you may be asked to co-sign for a loan in New York at some point. Perhaps your child needs to borrow money to buy her own car but has never had any credit in her name. Or maybe your cousin is recently divorced and needs to borrow money to make a new start.

Local Companies

Christopher Kuehne
Independent Financial Advisors

(914) 764-0367
24 Waterbury Way
Pound Ridge, NY
George Martin Poole
HFH Planning Inc

(212) 402-5444
75 Maiden Lane #605
New York, NY
Jeffrey Feldman
Rochester Financial Services

(585) 442-7580
7 Hastings Circle
Pittsford, NY
Philip Capell
Piermont Wealth Management Inc.

(516) 496-7800
135 Crossways Park Drive, Suite 102
Woodbury, NY
Timothy Clark
Greystone Wealth Advisors LLC

914-232-3773
100 South Bedford Rd
Mount Kisco, NY
Anthony Ogorek
Ogorek Wealth Management, LLC

(716) 626-5000
6400 Sheridan Drive Suite 224
Williamsville, NY
Raymond Mignone
Ray Mignone & Co., Inc.

516-203-7194
626 Reckson (EAB)
Uniondale, NY
Kathryn Norris
Asset Strategies, Inc.

(800) 245-2752
350 West 50th Street
New York, NY
Philip Capell
Piermont Wealth Management Inc.

(212) 983-8525
100 Park Avenue, Suite 1600
New York, NY
John Henry Low
Knickerbocker Advisors Inc.

(518) 398-9000
P.O. Box 312
Pine Plains, NY
Data Provided by:
  

co sign loansFor those with flawed or non-existent credit records, it can be quite difficult to borrow money. In many cases, the only way for them to do so is to obtain a co-signer. This allows the lender the opportunity to collect from someone with a better credit record if the borrower defaults.

If you have good credit, you may be asked to co-sign for a loan at some point. Perhaps your child needs to borrow money to buy her own car but has never had any credit in her name. Or maybe your cousin is recently divorced and needs to borrow money to make a new start. Whatever the reason may be, it’s important to know the potential consequences of co-signing for a loan before you go through with it.

Co-signing subjects you to a number of risks, including the following:

  • If the borrower misses payments, your credit could be adversely affected. Even though you’re not the one making the payments, you’re still on the hook for them. And in most cases, the lender is not required to notify a co-signer of missed payments. Your credit rating could be taking a nosedive through no fault of your own and without your knowledge.

  • The lender is not required to attempt to collect the debt from the borrower before going after the co-signer. The bills and late notices may come to the borrower, but if there is a default, the co-signer may be the one who starts receiving calls from a collection agency. Lenders know that they are more likely to receive payment from someone with good credit, so use their resources to pursue the co-signer rather than going after someone who is less likely to pay up.

  • Co-signing for a loan can prevent you from borrowing money for yourself. Even if the borrower makes every payment on time, the outstanding balance is displayed on your credit report. This raises your debt-to-income ratio, and could result in denial of credit when you need it.

  • If the borrower fails to repay his debt and you can’t pay it for him, you could lose your property. The lender could take any collateral that you put up for the loan and sell it. Even if property obtained with the loan is repossessed, you could still be liable for the difference between the selling price and the amount owed. If you don’t pay, the lender may be able to put a lien on your home or garnish your wages.

  • Co-signing a loan for anyone is risky business. Lenders require a co-signer because they do not believe that the borrower will repay the loan, and in many cases, they’re right. Before you sign on the dotted line, think about the ramifications. You might be helping someone you care about in the short term, but it could seriously damage your relationship (and your credit record) in the long term.

    Click here to read more from TheAdvice.com

    Regional Articles
    - Co-Signing Loans Albany NY
    - Co-Signing Loans Amityville NY
    - Co-Signing Loans Amsterdam NY
    - Co-Signing Loans Arverne NY
    - Co-Signing Loans Astoria NY
    - Co-Signing Loans Auburn NY
    - Co-Signing Loans Babylon NY
    - Co-Signing Loans Baldwin NY
    - Co-Signing Loans Baldwinsville NY
    - Co-Signing Loans Ballston Spa NY
    - Co-Signing Loans Bay Shore NY
    - Co-Signing Loans Bayside NY
    - Co-Signing Loans Beacon NY
    - Co-Signing Loans Bellerose NY
    - Co-Signing Loans Bellmore NY
    - Co-Signing Loans Bethpage NY
    - Co-Signing Loans Binghamton NY
    - Co-Signing Loans Brentwood NY
    - Co-Signing Loans Brewster NY
    - Co-Signing Loans Brockport NY
    - Co-Signing Loans Bronx NY
    - Co-Signing Loans Bronxville NY
    - Co-Signing Loans Brooklyn NY
    - Co-Signing Loans Buffalo NY
    - Co-Signing Loans Cambria Heights NY
    - Co-Signing Loans Camillus NY
    - Co-Signing Loans Canandaigua NY
    - Co-Signing Loans Centereach NY
    - Co-Signing Loans Central Islip NY
    - Co-Signing Loans Clifton Park NY
    - Co-Signing Loans Cohoes NY
    - Co-Signing Loans College Point NY
    - Co-Signing Loans Commack NY
    - Co-Signing Loans Copiague NY
    - Co-Signing Loans Coram NY
    - Co-Signing Loans Corning NY
    - Co-Signing Loans Corona NY
    - Co-Signing Loans Cortland NY
    - Co-Signing Loans Cortlandt Manor NY
    - Co-Signing Loans Deer Park NY
    - Co-Signing Loans Delmar NY
    - Co-Signing Loans Depew NY
    - Co-Signing Loans Dunkirk NY
    - Co-Signing Loans East Amherst NY
    - Co-Signing Loans East Aurora NY
    - Co-Signing Loans East Elmhurst NY
    - Co-Signing Loans East Islip NY
    - Co-Signing Loans East Meadow NY
    - Co-Signing Loans East Northport NY
    - Co-Signing Loans East Setauket NY
    - Co-Signing Loans East Syracuse NY
    - Co-Signing Loans Elmhurst NY
    - Co-Signing Loans Elmira NY
    - Co-Signing Loans Elmont NY
    - Co-Signing Loans Endicott NY
    - Co-Signing Loans Fairport NY
    - Co-Signing Loans Far Rockaway NY
    - Co-Signing Loans Farmingdale NY
    - Co-Signing Loans Farmingville NY
    - Co-Signing Loans Floral Park NY
    - Co-Signing Loans Flushing NY
    - Co-Signing Loans Forest Hills NY
    - Co-Signing Loans Franklin Square NY
    - Co-Signing Loans Fredonia NY
    - Co-Signing Loans Freeport NY
    - Co-Signing Loans Fresh Meadows NY
    - Co-Signing Loans Fulton NY
    - Co-Signing Loans Garden City NY
    - Co-Signing Loans Glen Cove NY
    - Co-Signing Loans Glen Oaks NY
    - Co-Signing Loans Glens Falls NY
    - Co-Signing Loans Gloversville NY
    - Co-Signing Loans Great Neck NY
    - Co-Signing Loans Hamburg NY
    - Co-Signing Loans Hauppauge NY
    - Co-Signing Loans Hempstead NY
    - Co-Signing Loans Hicksville NY
    - Co-Signing Loans Hilton NY
    - Co-Signing Loans Holbrook NY
    - Co-Signing Loans Hollis NY
    - Co-Signing Loans Hopewell Junction NY
    - Co-Signing Loans Horseheads NY
    - Co-Signing Loans Howard Beach NY
    - Co-Signing Loans Huntington NY
    - Co-Signing Loans Huntington Station NY
    - Co-Signing Loans Islip NY
    - Co-Signing Loans Ithaca NY
    - Co-Signing Loans Jackson Heights NY
    - Co-Signing Loans Jamaica NY
    - Co-Signing Loans Jamestown NY
    - Co-Signing Loans Kew Gardens NY
    - Co-Signing Loans Kings Park NY
    - Co-Signing Loans Kingston NY
    - Co-Signing Loans Lancaster NY
    - Co-Signing Loans Larchmont NY
    - Co-Signing Loans Latham NY
    - Co-Signing Loans Levittown NY
    - Co-Signing Loans Lindenhurst NY
    - Co-Signing Loans Little Neck NY
    - Co-Signing Loans Liverpool NY
    - Co-Signing Loans Lockport NY
    - Co-Signing Loans Long Beach NY
    - Co-Signing Loans Long Island City NY
    - Co-Signing Loans Lynbrook NY
    - Co-Signing Loans Mahopac NY
    - Co-Signing Loans Malone NY
    - Co-Signing Loans Mamaroneck NY
    - Co-Signing Loans Manhasset NY
    - Co-Signing Loans Manlius NY
    - Co-Signing Loans Maspeth NY
    - Co-Signing Loans Massapequa NY
    - Co-Signing Loans Massapequa Park NY
    - Co-Signing Loans Massena NY
    - Co-Signing Loans Mastic NY
    - Co-Signing Loans Melville NY
    - Co-Signing Loans Merrick NY
    - Co-Signing Loans Middle Village NY
    - Co-Signing Loans Middletown NY
    - Co-Signing Loans Mineola NY
    - Co-Signing Loans Monroe NY
    - Co-Signing Loans Monsey NY
    - Co-Signing Loans Mount Kisco NY
    - Co-Signing Loans Mount Vernon NY
    - Co-Signing Loans Nanuet NY
    - Co-Signing Loans New City NY
    - Co-Signing Loans New Hartford NY
    - Co-Signing Loans New Hyde Park NY
    - Co-Signing Loans New Paltz NY
    - Co-Signing Loans New Rochelle NY
    - Co-Signing Loans New Windsor NY
    - Co-Signing Loans New York NY
    - Co-Signing Loans Newburgh NY
    - Co-Signing Loans Niagara Falls NY
    - Co-Signing Loans North Babylon NY
    - Co-Signing Loans North Tonawanda NY
    - Co-Signing Loans Nyack NY
    - Co-Signing Loans Oakland Gardens NY
    - Co-Signing Loans Oceanside NY
    - Co-Signing Loans Ogdensburg NY
    - Co-Signing Loans Olean NY
    - Co-Signing Loans Oneonta NY
    - Co-Signing Loans Orchard Park NY
    - Co-Signing Loans Ossining NY
    - Co-Signing Loans Oswego NY
    - Co-Signing Loans Ozone Park NY
    - Co-Signing Loans Patchogue NY
    - Co-Signing Loans Pearl River NY
    - Co-Signing Loans Peekskill NY
    - Co-Signing Loans Penfield NY
    - Co-Signing Loans Pittsford NY
    - Co-Signing Loans Plainview NY
    - Co-Signing Loans Plattsburgh NY
    - Co-Signing Loans Port Chester NY
    - Co-Signing Loans Port Jefferson Station NY
    - Co-Signing Loans Port Washington NY
    - Co-Signing Loans Potsdam NY
    - Co-Signing Loans Poughkeepsie NY
    - Co-Signing Loans Queens Village NY
    - Co-Signing Loans Queensbury NY
    - Co-Signing Loans Rego Park NY
    - Co-Signing Loans Rensselaer NY
    - Co-Signing Loans Richmond Hill NY
    - Co-Signing Loans Ridgewood NY
    - Co-Signing Loans Riverhead NY
    - Co-Signing Loans Rochester NY
    - Co-Signing Loans Rockaway Park NY
    - Co-Signing Loans Rockville Centre NY
    - Co-Signing Loans Rome NY
    - Co-Signing Loans Ronkonkoma NY
    - Co-Signing Loans Roosevelt NY
    - Co-Signing Loans Rosedale NY
    - Co-Signing Loans Rye NY
    - Co-Signing Loans Saint Albans NY
    - Co-Signing Loans Saint James NY
    - Co-Signing Loans Saratoga Springs NY
    - Co-Signing Loans Saugerties NY
    - Co-Signing Loans Sayville NY
    - Co-Signing Loans Scarsdale NY
    - Co-Signing Loans Schenectady NY
    - Co-Signing Loans Selden NY
    - Co-Signing Loans Shirley NY
    - Co-Signing Loans Smithtown NY
    - Co-Signing Loans South Ozone Park NY
    - Co-Signing Loans South Richmond Hill NY
    - Co-Signing Loans Spencerport NY
    - Co-Signing Loans Spring Valley NY
    - Co-Signing Loans Springfield Gardens NY
    - Co-Signing Loans Staten Island NY
    - Co-Signing Loans Stony Brook NY
    - Co-Signing Loans Suffern NY
    - Co-Signing Loans Sunnyside NY
    - Co-Signing Loans Syosset NY
    - Co-Signing Loans Syracuse NY
    - Co-Signing Loans Tarrytown NY
    - Co-Signing Loans Tonawanda NY
    - Co-Signing Loans Troy NY
    - Co-Signing Loans Uniondale NY
    - Co-Signing Loans Utica NY
    - Co-Signing Loans Valley Stream NY
    - Co-Signing Loans Vestal NY
    - Co-Signing Loans Wantagh NY
    - Co-Signing Loans Wappingers Falls NY
    - Co-Signing Loans Watertown NY
    - Co-Signing Loans Watervliet NY
    - Co-Signing Loans Webster NY
    - Co-Signing Loans West Babylon NY
    - Co-Signing Loans West Hempstead NY
    - Co-Signing Loans West Islip NY
    - Co-Signing Loans Westbury NY
    - Co-Signing Loans White Plains NY
    - Co-Signing Loans Whitestone NY
    - Co-Signing Loans Woodhaven NY
    - Co-Signing Loans Woodside NY
    - Co-Signing Loans Wyandanch NY
    - Co-Signing Loans Yonkers NY
    - Co-Signing Loans Yorktown Heights NY
    Related Articles
    - Cheap Auto Loans New York
    Cheap auto loans are available in the loan market. Now the question is how to avail the loans. In this article, we have tried to find out the solution. Read on and learn more.
    - How To Choose Loans New York
    - Default Payday Loans New York
    - Secured loans New York
    - Fax Payday Loans New York
    - Education Loans New York
    - Disability Loans New York
    - Secured Loans New York
    - Fast Loans New York
    - Getting Unsecured Loans New York
    Related Local Events
    Hedge Fund Enforcement & Regulatory Dev. Fall 2013
    Dates: 11/19/13 - 11/19/13
    Location:
    New York, NY
    View Details

    Advanced Swaps & Other Derivatives 2013
    Dates: 10/17/13 - 10/18/13
    Location:
    New York, NY
    View Details

    Fundamental of Swaps & Other Derivatives 2013
    Dates: 10/16/13 - 10/16/13
    Location:
    New York, NY
    View Details

    TradeTech Swaps & Derivatives
    Dates: 10/15/13 - 10/17/13
    Location:
    New York, NY
    View Details

    High Performance Computing For Wall Street - September 2013
    Dates: 9/18/13 - 9/18/13
    Location:
    New York, NY
    View Details