What is a co-signer?
- If you can't get a credit for your vehicle, with the help of a co-signer, you'll get a higher score and it can be approved.
- A co-signer is a person like your parents, close relatives or a friends who promise to repay the loan if you don't.
- In this case, both your credit score and your co-signer's score will be combined, and that way you'll get the score needed for the car loan.
- If you are a first-time buyer and used the help of a co-signer, you should be aware that you will be responsible for generating the loan payments. In the event that you do not make such payments in time, the co-signer will be responsible for making them.
- The objective of using a co-signer is to reduce the interest rate and increase the points to your credit history if you repay your debt thus increasing the chances of a loan under your name in the future.
Below is a list of the general requirements for a co-signer car loan:
The co-signer must be willing to pay the debt in case you don't do it. This is done through a signed contract.
The co-signer must have a good financial reference or an excellent personal credit rating.
The co-signer must provide information on his or her personal income, employment and tax returns for previous years.
And if I don't have a co-signer, how do I get credit for my car?
In Ambar Motors, we think of yourself every moment. If you haven't been able to find someone to help you get your credit, we will serve you as co-signers. Come to our office and our advisors will guide you through the process to make your dream of owning a car quicker and easier than you had imagined. Schedule your appointment through our website or contact phone numbers.