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THE COMPLETE CAR BUYER’S GUIDE
WHAT IS A COSIGNER AND WHEN DO YOU NEED ONE?
If you are worried about your credit score, there’s some good news: a cosigner could
save the day for you.
A cosigner is someone who is willing to put their name on a vehicle loan with you.
This means that your cosigner’s credit will be taken into account when deciding
whether or not you qualify for a loan. If you’re unable to pay for any reason, the
payments will be deferred to your cosigner instead.
To put it simply, a cosigner is someone who vouches for you. Cosigners assure your
bank or dealership that the loaned money will be paid back, which in turn enables
them to offer you better deals. Yes, not only can cosigners help you qualify for a loan,
you could get an even better rate than if you were applying on your own with not-sogreat credit.
If your credit isn’t great, or non-existent, and you have friends, family members, or
loved ones helping you find your new car, consider asking them if they’d be willing to
cosign for you in order to help you get a better deal.
|12 | Charles Higgins, 931-273-6793
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higgins.charles@drivemurfreesboro.com