When you need a car without having the credit to get it on your own, you may think about finding a co-signer to help. However, you shouldn’t just pick anyone. It needs to be an important decision.
Here are some things to consider when choosing a co-signer for your car.
- You need to find someone that you trust a lot. It is also important that they trust you too since their name is also going to be on the loan. They are responsible for any payments that you miss or are late. If you are late, your credit is not the only one on the line. Theirs will also suffer.
- It is important to have a good agreement. Since both of your credit scores are on the line, it is important that both parties know who is going to pay and when. If you are going to be late, will you expect the other person to make the payment? These are important questions to answer and discuss with your co-signer.
- Do you have good communication with the person who co-signs your loan? Since your co-signer helped you with the loan, it is important that you are able to talk to them if you get behind and need some help. It is even better if you can talk to them before you get in over your head, ensuring the safety of both of your credit scores.
Once you have a co-signer, it is important to come up with a plan. You need to know if they are required to pay if you are not able to. You should also figure out how long they need to be on the loan. To further cement your agreement, it is always helpful to get it in writing!
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