Co-signer advice needed.....

[alicia9178]

I am in desperate need of a co-signer for a move we are needing to make. Does anyone know if there is a way to hire a co-signer...like they co-sign for you and you pay them a portion of the loan you are getting. I know....sounds dumb...however I have gotten offered a dream job and I have worked real hard to finish school and it is a great move for my family. The loan is for 12,000 and if I have to give up some of it to get the loan I will...it is that important to me.
Alicia

[mightymoo]

I've never heard of that, generally cosigners are family and friends. The loan affects their credit just like it affects yours, so I'd be surprised if someone was willing to trust their credit to a stranger who can't get a loan on their own, but you might be able to find a friend or a family member who feels they can trust you and make them that offer to make it worth their while.

Where are you moving from / to? Is the $12,000 just for the move itself? If you don't have the money to move, I wouldn't take out a loan that big to pay for it. I would sell or get rid of most of my stuff and only move what is truly essential. Then once you've got the money coming in, slowly work on adding back what you miss.

FWIW, I moved a family of four across country (WA to MA), including shipping two cats, plane tickets for three, shipping one car, paying for another car to be driven and full service movers (they loaded and unloaded the truck, fully insured any breakage) for about $10K. However, if I had not had that paid for by a company I would have sold off a lot more stuff. We moved plenty we could have done without and lots that I'm going to end up selling or donating anyway, and the cash you get from selling things could go toward moving the rest, etc.

[SleeplessMommy]

Have you asked the employer to cover relocation or give a sign-on bonus?

A co-signer is usually a family member. Or you can use a (paid off) car as collateral. Basically you can re-finance a paid-off car.

[alicia9178]

The job originally offered a relocation bonus of $2000 but then cut that.
ALicia

[SusannahM]

You could go to http://www.prosper.com and get a loan through them. You would have to offer a high interest rate if your credit rating is low, but it will almost surely get funded.

[Bartock]

No family can/would help you out?

[rosie_plus_one]

I think a loan officer has to show a connection between a cosigner on a loan... The reason I say this is that I was talking to my FIL (who is a finance manager for Ford) about my DP buying a car for me and having my mom cosign the loan. He said he may be able to pull it off since she's his MIL, but it would be a stretch since they don't have the same address, last name, no connection, etc.

[alicia9178]

We do not have family that can help...I am going to keep looking. I have even decided I am willing to pay 25% of the loan ($3000) to find a co-signer if I have to.
Alicia

[Herausgeber]

Wow. If that sort of arrangement isn't illegal, it should be. A $3K "fee" to obtain a $12K loan, on top of whatever interest rate you'd actually be paying the lender, puts Vegas loan sharks to shame.

[TanyaS]

In my experience, everything is negotiable, even an already cut relocation bonus. How far is this move? I've moved several times to different states, packed, loaded, unloaded, and drove it myself (with dh's help ). We never even came close to spending that kind of money. I'd recommend renting a moving truck with a car dolly for your car and doing it yourself. If you need help with loading, hire some high school or college kids to do it when you leave and arrive. Boxes can be found everywhere for free. All you need for your new place is deposits, first month's rent, and most utilities will bill you for deposits and setup fees. Things like registration and insurance for your car don't have to be done immediately. Most states give you 30-90 days to take care of all those things.

Can you break down what the $12K is for? Maybe you can get info on how to do each thing cheaper?

And if you are willing to pay someone $3K for the $12K loan, where will you get the additional money? A $15K loan?

[alicia9178]

The loan is an alternative student loan program...the loan itself is for $12000 and all I was saying is that we have offered the few people we have asked $3000 in exchange for co-signing. We would pay the full loan back, but they would just get the $3000 as a thank you from us for helping us out.

We are moving from Ohio to Florida.

Moving Expenses:
Truck: 1500
Secutity Deposit: 2,000 (2 months rent)
Rent: 1,000
Gas: 500 (truck and our car)
Food: 300 (we are a family of 6)
Hotels: 300 (plan for $50 a night on Priceline)
Utility Deposits: $200ish

I know there will be more expenses her and there....this is just my estimates.
Alicia

[SleeplessMommy]

What kind of job are you taking? And have you accepted it and got a start date? If you have not accepted it, everything is still negotiable... including sign-on bonus, relocation, etc. Has your partner found a job in FL?

And why are you looking at an alternative student loan, to finance a move?

Have you tried walking into your local bank and asking for a loan (use the car as collateral if it is paid off)?

Are you sure about the $1000 per month for rent, plus $2K for security deposit? Have you found a place?

If you pack everything you need (in the short term) into the car, you can drive to VA, and possibly take the auto train to FL. Or just drive all the way.

Or skip the moving truck. Of what will not fit in the car, sell/donate all the furniture, and pack everything neatly into labeled boxes. Store at the house of a friend/relative. Every month, you can have a few boxes shipped via fedex ground or UPS, as you can afford it.

Another option is you move down without your family. In 4-8 weeks, when thing are more settled (housing, job, etc) they follow. Tough BUT saves money in the short term.

[alicia9178]

To answer the questions posted....

• It is a RN job
• No my DH does not have a job there....he is going to be taking care of the kids
• We are looking at an alternative student loan b/c we cannot get any other loan
• We cannot use the car as collatoral...we do not own it yet
• Rent for a house is no less then $1000mo and with not so good credit it is a 2mo security deposit atleast
• We are trying to take all our stuff because we will not be able to afford buying new stuff for awhile
• Finally....moving without them is not an option because we cannot afford to pay rent 2 places

Ok...I think that answers them all...lol.

Alicia

[sarah_bella1050]

How about putting what can't bring in one car with you intotorage. Then after you have been there for a month(and gotten a nice paycheck or two) your dh could take a train out and get the rest of the stuff in a moving van. I've found many places that only require one months rent and a deposit equaling one months rent, you just have to look aroung. Even if you don't move into your dream place I'm sure you could find something that would work for the time being (maybe an apartment or townhouse).

[alicia9178]

We are weighing our options and still hoping for a co-signer to be willing to help. We shall see Luckily we have time still.
Alicia

[traceface]

We are moving from Ohio to Florida.

Moving Expenses:
Truck: 1500
Secutity Deposit: 2,000 (2 months rent)
Rent: 1,000
Gas: 500 (truck and our car)
Food: 300 (we are a family of 6)
Hotels: 300 (plan for $50 a night on Priceline)
Utility Deposits: $200ish

This all seems so high to me - with 2 adults taking turns driving and sleeping, you could drive practically straight through, just sleep in a motel 1 night or something. I know, it's miserable to do that, but planning an 8 night trip doesn't make sense if you have no cash.

Also, food, you would be eating anyway at home, just pack a ton of snacks and cook stuff in advance, buy a cheap styrofoam cooler (if you don't have a big cooler) and pack it. Take your own coffee, tea, water - use the hot water in gas station stores to make it. Whatever - just resolve to part with very little money on the road! You'll survive - look on the map for state & county parks along the route and make stops to let your kids run

I don't see why the 1st months rent is included in the loan. Wouldn't you have to pay rent that upcoming month in the current place you're living anyway?

Also won't you be getting deposit money *back* from the current place you're living? I know there's sometimes a few weeks' delay, though.

I don't know, it just seems to me that if this job is really what your family needs to move, you can find a way to do it on the re-location money that was offered. Even if it means leaving your stuff in storage like a previous poster suggested and coming back for it later, after you have been working and have earned some money.

If this job is going to help your family, you don't want to start out 12,000 in the hole anyway!

[alicia9178]

planning an 8 night trip doesn't make sense if you have no cash

It is not really an eight night trip...we will have to wait until we get in the area to find a house to rent so we have to afford for hotel while we are looking

I don't see why the 1st months rent is included in the loan. Wouldn't you have to pay rent that upcoming month in the current place you're living anyway?

We have rent assistance right now and only pay $162 a month for rent...so this is a huge jump for us.

Also won't you be getting deposit money *back* from the current place you're living? I know there's sometimes a few weeks' delay, though.

Yes...where we live now told us it takes 60 days to get the deposit back

I don't know, it just seems to me that if this job is really what your family needs to move, you can find a way to do it on the re-location money that was offered.

Problem is there is no relocation offered...which is why we are having this issue

If this job is going to help your family, you don't want to start out 12,000 in the hole anyway!

Totally agree...however this is a student loan (alternative student loan) and will just get consolidated with my others when it is time to start repayment (6 months after graduation)

[1growingsprout]

this does NOT sound like a good idea... there a lots of RN jobs in ohio..
the cleveland clinic, rainbows babies/childrens hospital in the cleveland area.

quite honestly if you are low enough income to get rent subsidy and poor credit... how are you going to qualify for a loan.... a loan for moving is NOT a good idea...

why not take a RN job in ohio, build up some savings then move... RN's are in high demand...

also moving with out having a place to live is another diasater waiting to happen

[Zamber]

We have rent assistance right now and only pay $162 a month for rent...so this is a huge jump for us.

Moving Expenses:
Truck: 1500
Secutity Deposit: 2,000 (2 months rent)
Rent: 1,000
Gas: 500 (truck and our car)
Food: 300 (we are a family of 6)
Hotels: 300 (plan for $50 a night on Priceline)
Utility Deposits: $200ish

$1,000 per month? Are you going to be recieving full time hours and enough pay to cover the new rent amount? Can you be absolutely sure they won't cut your hours the minute you get settled in?

Ultimately, you can't hire a co-signer, that is just a big no-no. What will happen if the job doesn't work out? What will you have to fall back on to pay the dept? If you can't pay the debt, you will be ruining the person's credit big time, and sinking yourself in a huge financial mess.

If what you really want is a reason to move to Florida, the only option I see that would not have a huge impact on your family if things do not work out is to move there separately for a short time. Yes, I know you would not be able to afford renting two places, but consider the following (and keep in mind this would be short term). Stay in a cheap hotel within walking distance of the job, or find someone you can stay with for little to no cost. Live frugally, save up money, and take your time shoping around for a place to live (it is too tempting to grab the first thing you see if you take the whole family, and you might end up paying in more ways than one). Look at the market for the area you are looking to live, and compare it with what you will be making, minus other bills and expenses. See if it all adds up. Just because you will be making more $ doesn't mean it will cover everything if the cost of living ends up being higher in that area. Research carefully before you jump. Don't think this will be your only chance to move out there. Good luck.

[alicia9178]

I wish there was a way for me to move without my family, but DD is EBFing so I am not going to wean her just so I can move. Yes...there are tons of RN jobs in Cleveland, but we are set that living here is not right for our family. I have no friends here and we just need a change of pace.

The job is full time...the first 22 weeks I will make $21.50 an hour (well $14 an hour until I get my sit pass to test, then once I am elidgible to test then it goes to $21.50 an hour), then if I get put on nights after my orientation (which I am hoping will NOT happen, I will be making $25.50 an hour). The hours are guarenteed, I am signing a 2 year contract that I have to work full-time mandatory to pay off the intership I am doing.

The job is SOOO important because it is an internship...I have no interest in jumping out of nursing school after 1 brief semester of Maternity Nursing to work as a RN in a LDRP...it is a specialized area and there is a lot to learn. I think I would be doing my patients a dis-service to just take a job with a brief 2 or 3 month orientation and then try to help them through the most important moment of their lives.

We are hoping to hear back from DHs dad....we do not speak to him, but we were desperate and I know that the money we can pay him out of the loan will help him out....he is getting remarried in the summer.

I know you all think I am crazy...which is fine...I am just desperate for this to work out...I have worked VERY hard to get through school...I deserve to atleast get a good job.
Alicia