Co Borrower 

Having a co-borrower can increase the chances of loan approval, as it can provide additional support for the loan application. A co-borrower is another individual who shares responsibility for the loan with the primary borrower and is listed on the loan application.

Having a co-borrower can improve the chances of loan approval in several ways. Firstly, a co-borrower can provide additional income and employment stability, which can increase the overall creditworthiness of the loan application. This is particularly useful for individuals who may have limited income or employment stability on their own. Secondly, a co-borrower can provide a higher combined down payment, which can also improve the chances of loan approval.

Having a co-borrower can also impact the terms and conditions of the loan. With a co-borrower, the loan may have a lower interest rate, a larger loan amount, and a longer repayment term. This can make the loan more affordable and manageable for the borrower.

It's important to consider the responsibilities and obligations of a co-borrower before adding one to the loan application. Both parties are equally responsible for repaying the loan and any default or late payments will impact both credit scores. Additionally, a co-borrower will have access to the loan account and may be able to make changes to the loan.

In conclusion, having a co-borrower can be a useful strategy to increase the chances of loan approval and improve the terms and conditions of the loan. However, it's important to carefully consider the responsibilities and obligations of a co-borrower before making a decision.