Question
Question of 9 Chris wants to get a cosigner for a car loan. Which person would be the best choice? A person with bad credit but a steady job. A person with no assets (car, house, or financial account) A person with a good credit history and a car and house payments on their credit card A
Ask by Daniel Maxwell. in the United States
Feb 26,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The best choice is a person with a good credit history and a record of paying car and house payments on time.
Solution
The best choice is the person with a good credit history and a record of managing payments (such as car and house payments) responsibly. Lenders generally favor a cosigner who has a history of timely payments and strong credit because it reduces the risk of default on the loan.
Thus, the best option is:
• A person with a good credit history and a car and house payments on their credit card.
Answered by UpStudy AI and reviewed by a Professional Tutor
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Simplify this solution The Deep Dive
Choosing a cosigner with a good credit history is like having a financial superhero at your side! A person with a strong credit score demonstrates their ability to manage debt responsibly and can help you secure better loan terms and lower interest rates. Plus, lenders are more likely to feel at ease knowing they have a trustworthy cosigner backing you up. On the flip side, picking someone with bad credit or no assets could spell trouble. A cosigner with a rocky financial background might struggle to support your loan or even unintentionally drag your own credit down. Always aim for a cosigner who can boost your application, not hinder it!
