Now this article isn’t for everyone. It’s for a lot of you, but not all of you. It for those people who ar looking to buy a new car, possibly their very first even. It’s for the people who have had a blemish or two on their credit history. Hey who hasn’t, really. This is just a way you could go if you really needed a new car. Here’s a hint, check out your friendly Dallas Buck Gmc Dealer in Grapevine. (oh, come one you know I have to do those right? Those shameless Plugs? Something about SEO, or something)
BUT I DIGRESS!!! No really, this is some good advice.
Ahem! “The Co-signer”. The co-signer is the person who will accept the responsibility for your car payment, should you not be able to pay your monthly note for what ever reason. Now if you are honest, have a steady job and have lived at the same address for more than two years, then getting that next new car might be easier than you thought.
Let’s get to it, I’ll try to make this as interesting as possible, I swear.
Do you know how important a co-signer can be in obtaining a new or used car in Dallas? Do you know what their obligation as co-signer is? This is important to know for any potential new car buyer who is looking to have somebody co-sign their contract, or for somebody who is being sought after to co-sign a contract. Here’s the bottom line, the creditor for your car loan may allow you to have a co-signer on the finance contract with you in order to make up for any shortfalls in your credit history. This is a good thing because it opens up criteria for issuing the loan.
Don’t abuse the trust and good will of your co-signer by purchasing a vehicle you know you won’t be able to afford. A co-signer has equal responsibility for the contract, not some, not most, but equal responsibility. If you skip on your payments, your co-signer is legally obligated to cover your debt. Further, this contract and any missed payments will show up on the co-signers credit history. Therefore, if being asked to be a co-signer, make sure that this is somebody that you have a large amount of trust and confidence in, because it could have dire effects on you if this person cannot hold up their end of the loan.
Co-signee! Don’t mess it up! You are holding the good faith of your co-signer in your hands. Cover your debt so your co-signer doesn’t have to go through the process of suing you…good advice ; ) In the meantime, trust-worthy co-signee, enjoy your new Buick! (COME ON! I sell Buicks, man!)
If you have some credit issues, a co-signer could be the key to your new car. Check out this video for some more good advice.