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signer may be used to help a primary applicant receive more favorable loan terms. However, they are generally not given access to the funds or associated with the collateral involved. Thus, a cosigner only serves as a secondary source of payment in support of the borrower.
To qualify as a cosigner, you'll need to provide financial documentation with the same information needed when you apply for a loan. This may include: Income verification. You may need to provide income tax returns, pay stubs, W2 forms or other documentation.
signer is a guarantor for the primary borrower. Cosigners promise to assume responsibility for repayment if the primary borrower doesn't pay as required.
A joint mortgage uses all credit scores, and there can be more than two borrowers. A mortgage loan approval relies on the full financial and credit information from all parties involved.
But yes, a cosigner may become the primary borrower on a car loan through reaching an agreement with the lender or refinancing the car loan.