Do You Need A Co-Signer For Auto Financing In St. Louis?
December 26, 2018
If you are considering buying a used car and are looking into co-signing for auto financing in St. Louis. Becoming the co-signer or co-signee is a huge responsibility. There are two basic scenarios that may require co-signing to be necessary. The first is a young, first-time car loan candidate with little to no credit history. A parent or other person can co-sign a car loan to help the individual start building credit. The second involves more risk. Someone with some blips on his credit report but who still needs reliable transportation can apply for financing with or without a co-signer. Sometimes a co-signer seals the deal for the application.
Whatever your circumstances, whether you are a co-signer or co-signee, it is important to realize that if the loan is not repaid with timely monthly payments or if the loan has defaulted or recurrent non-payment occurs, that the co-signer is accountable for the debt. A possible co-signer must also assess their own credit score to see how it can be affected by a possible financing problem. Weigh all the options very carefully before getting on board with this potentially hazardous relationship. Both parties should obtain a copy of all relevant paperwork regarding the auto loan.
Buy one of the premium trucks, cars, mini-vans or pre-owned Jeeps for sale with approved financing at the area’s leading dealership – 5 Star Auto Plaza.
For auto financing in St. Louis at reasonable rates for people with no credit, exceptional credit or less than stellar credit, talk with the sales professionals at 5 Star Auto Plaza by contacting them at (636) 940-7600. We have an extensive inventory of all kinds of vehicles and in every price range. Visit us today!