Getting Financial Assistance

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Get financial assistance for a loan by bringing on a cosigner to the loan in order to increase the financial backing for the bank to consider. Find out how a cosigner will be responsible for a loan if the original borrower does not make payments with information from a registered financial consultant in this free video on personal finance and money management.

Part of the Video Series: Personal Finances & Money Management
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Video Transcript

This is financial adviser Patrick Munro talking about getting financing assistance. This is a strategy that an individual can use if they're set on getting financing for a specific project. If they have tried to get the financing on their own and they've been turned down by the bank, then what they can do is bring on a co-signer. A co-signer is an individual that has a separate set of resources -- good credit, hopefully, as well -- and really beefs up your loan proposal, you know, going forward. Many people, if they're young, will use their parents as a co-signer. And if the bank looks at the assets of the parent and sees that it's significant enough to make the loan work, then the parent signs a loan document along with the...with the child. And then the loan is made. And of course, the co-signer's responsible for the payments if the child does not make the payments. So be...if you're a teenager or a young person and you're using your parents to get financing assistance, make sure you make those payments because you owe it to your parents to do so. This is financial adviser Patrick Munro talking about getting financing assistance.


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