Things To Consider When Looking For A Co-Signer
Reason why consumers look for co-signers: ➢ To qualify for good credit deals.
Things to consider when looking for co-signers when applying for a car loan with bad credit
1. Determine your credit score
➢ Ask for your credit score from the 3 major credit bureaus.
➢ 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.
2. Consider your co-signer
➢
Should have an excellent credit score to pull up your current standing.
➢ 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.
3. Protect your co-signer from liability
➢ Help your co-signer retain his credit reputation by making complete payments on time
➢ 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.
➢ Negotiate for a lower monthly installment and flexible payment arrangement.
Click here for more tips when you are looking for a co-signer
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