Does a Cosigner have to have a job to cosign?

Question

Does a Cosigner have to have a job to cosign?

Or do they just worry about scores?

A friend of mine is thinking about cosigning for his brother to get a atv.

Answer 1

No, but the cosigner has to have good credit. And your friend has to be prepared to make every single payment the brother fails to make. In my opinion, cosigning is a very bad idea.

Answer 2

Bad idea. Your friend is setting up himself to have to pay the payments. How about his brother getting a job and saving the money and then buying the atv on his own?

Answer 3

Yes they need to be employed. The whole purpose of a co-signer is if YOU default on the loan they can get the money from the other person. If that person has bad credit or no job they wont accept them as a co-signer.