Things To Consider When Looking For A Co-Signer

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Here are things to consider when looking for co-signers when applying for a car loan with bad credit. For more information read http://www.newhorizon.org/credit-info/how-to-get-a-cosigner-for-a-bad-credit-car-loan/

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Presentation Transcript

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Things To Consider When Looking For A Co-Signer

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Reason why consumers look for co-signers: ➢ To qualify for good credit deals.

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Things to consider when looking for co-signers when applying for a car loan with bad credit

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1. Determine your credit score

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➢ Ask for your credit score from the 3 major credit bureaus.

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➢ Look for harmful items that have inflicted damage to your credit history to see if you can get a reasonable interest rate for a car loan or look for a co-signer.

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2. Consider your co-signer

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➢ Should have an excellent credit score to pull up your current standing.

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➢ Should know what it takes to be a co-signer like being willing to pay on your behalf when you cannot settle your loan and that being a co-signer can affect his credit standing.

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3. Protect your co-signer from liability

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➢ Help your co-signer retain his credit reputation by making complete payments on time

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➢ Abide by the terms and conditions of your car loan ➢ Ask for an extension on your due date when you cannot pay for your next monthly due.

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➢ Negotiate for a lower monthly installment and flexible payment arrangement.

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Click here for more tips when you are looking for a co-signer

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Do you have questions about rebuilding your credit Join our Facebook group Feel free to ask your questions within the group

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