The difference of a co-borrower and a co-signer is that they don't have the same benefits, but they may have the same responsibilities in some situations. The income of the co-borrower is usually considered during the loan application while the income of the co-signer is never considered, as stated by Auto Credit Express.Know More
When applying for a loan, a person can opt to share the responsibility of the debt with another person, who can either be a co-borrower or a co-signer. This can be necessary when the applicant lacks enough credit history, making it difficult for him or her to get a mortgage or a student loan.
In some situations, being a co-borrower in a loan application is better than a co-signer because co-borrowers reap more benefits. They are able to directly benefit from the loan. If the borrower fails to pay the loan, the co-borrower enjoys the benefit of sharing the car or the home bought using the loan.
During the loan application, the assets, income and credit history of the co-borrower are taken into account to assist the borrower. All these are combined together with the borrower's income and assets to meet the loan criteria, as stated by Total Mortgage.Learn more about Insurance
Whole life insurance plans come with a guaranteed accumulation of cash value and unchanging premiums, whereas universal plans include customizable death benefits, savings and premiums. Whole life insurance offers protection for as long as the policyholder lives, while universal plans have more flexibility.Full Answer >
The primary difference between HMO and PPO insurance plans lies in the restrictions on doctors and networks. An HMO plan is typically more affordable but comes with more restrictions on which doctors can be seen. A PPO plan is more flexible and has fewer restrictions on the plan, but can come at a higher cost. HMO is short for Health Maintenance Organization, while PPO is short for Preferred Provider Organization.Full Answer >
The chief difference between standard and term life insurance is that standard insurance builds up equity, while term insurance has no cash value when the term expires. For this reason, standard insurance is generally more expensive to purchase, especially for younger people.Full Answer >
One difference between an HMO and a PPO is that HMO plans require a consumer to choose a primary care physician, while a PPO plan does not have this requirement. HMO and PPO insurance plans differ in the amount of options and coverage networks, according to Blue Cross Blue Shield.Full Answer >