Should I Co-Sign for Auto Financing in O’Fallon?

February 25, 2016  

Co-signing for auto financing in O’Fallon is not quite as simple as it may appear at first glance. Careful consideration is necessary before you become the co-signer or co-signee. There are two primary situations that may require a person to co-sign a loan. The first is a young, first-time car loan applicant who has little or no credit history. A parent or other individual may co-sign the auto loan to allow a start on building credit. The second involves a bit more risk. Someone who has flags on his credit report but still needs a car may apply for auto loans with poor credit with or without a co-signer.

Auto Financing in O'Fallon

Whichever side you are on, that of the co-signer or co-signee, it is important to note that if the loan is not repaid with timely monthly payments or a default or repeated non-payment occurs, that the co-signer is responsible for the debt. A potential co-signer must also evaluate his current credit score and how it may be affected by a potential financing problem. All options should be weighed very circumspectly before embarking on this possibly precarious relationship. Both parties should obtain copies of all pertinent paperwork regarding the loan.

For auto financing in O’Fallon at affordable rates for individuals with no credit, excellent credit or less than favorable credit, consult the sales professionals at 5 Star Auto Plaza at (636)940-7600. We have a large inventory of vehicles from which to choose and in all possible price ranges. Stop by to see us today!

5Star auto plaza Review

5 Star Auto Plaza

5 Star Auto Plaza Review

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    Review Your DealerThey did me a great deal by working with  me on my trade in. I got into something I actually wanted and didn’t break the bank. Read More
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    Review Your Dealer5 Star Auto Plaza even won my husband over with their sales techniques. There was no high pressure tactics or belittling us. I was also impressed with all the clean cars and their selection. I would go back without hesitation. Read More
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    Review Your DealerI made an appointment at 5 Star Auto Plaza. They showed me the car and gave me a test drive. They were  very friendly, courteous, and didn’t try to hard sell me. The car sold itself, yet they made the experience easy. Read More
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    Review Your DealerI found the gentlemen  I dealt with at 5 Start Auto Plaza quite respectful and seemed to really have my best interest at heart . My salesman really worked with me on picking out the perfect car for me. I appreciated the personalized approach he offered. Read More
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    Review Your DealerDidn’t have to go through a big deal on getting a deal. I told them what I thought the car was worth and they worked with me to get me there. Read More
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    Review Your DealerI  wanted a new car for myself so I started checking out some cars online. I found a Lexus LS430 and decided it was the perfect car for me, I just needed to find the right priced one. I found one at 5 Star Auto Plaza, they worked within my budget and I got the car [...] Read More
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    Review Your DealerThey gave me a great price on my trade in and the overall price was very fair according to blue book. I am more than pleased with how the service was here. Read More
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    Review Your DealerFriendly faces and attitudes made all the difference for me from past experiences. They even detailed my suv upon delivery. Great experience. Read More
  • St Charles Used Cars

    Review Your DealerLast summer I purchased a F150  from these guys.  After looking at several local dealerships, I found 5 Star Auto Plaza had the best prices, they had honest sales people and a great selection.  My truck is a great, it runs perfectly and it we absolutely love it!   Read More
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    Review Your DealerRecently after filing for a bankruptcy, our SUV broke down so we need a new family car.  We were really concerned after being turned down by another local auto dealer and our bank for a car loan due to our lack of credit after the bankruptcy.  We were truly elated to find 5 Star Auto [...] Read More
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