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Ouestion 4 of 5 Chris wants to get a cosigner for a car loan. Which person would be the best choice? A person with a good credit history and a car and house A person with bad credit but a steady job. A person with no assets (car, house, or financial account)

Ask by Carlson Mccarthy. in the United States
Feb 26,2025

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The best choice is a person with a good credit history and assets like a car and house.

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The best choice would be a person with a good credit history and who owns assets like a car and a house. This is because a cosigner should have strong credit and sufficient assets to help guarantee the loan. If the primary borrower defaults, a cosigner with a strong financial background is better positioned to cover the debt, making the loan less risky for the lender.

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A cosigner with a good credit history signifies reliability to lenders, which can lower interest rates and improve loan approval chances. This person also demonstrates responsibility, having managed finances well enough to acquire both a car and a house, making them an excellent choice for Chris's loan. On the other hand, a cosigner lacking assets might hinder Chris's ability to secure favorable loan terms or even approval. Without a strong financial background, lenders may perceive heightened risk, leading to higher interest rates or loan denial. Chris should strategically consider potential cosigners to boost his chances of success.

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