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Understanding Auto Financing in Kelowna: What is a Co-signer?
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(Posted on Jun 13, 2022 at 01:00PM )
If you have bad credit or are just starting out, it can be difficult to qualify for an auto loan in Kelowna. Before lending you money, creditors want to be sure that they’ll be paid back – which is why having a good credit history is essential.However, having a co-signer can also help boost your chances of an approval. Read on to learn more from our Easy Deal finance team at Skaha Ford in BC.
What is a Co-signer?
Often a family member, partner or close friend, a co-signer can be added to your loan application to boost your creditworthiness. If you, as the primary borrower, default on your payments, your co-signer will be obligated to take full responsibility for the loan and make any missed payments for you.
Late payments and defaults will impact your credit score and your co-signer’s. When choosing a co-signer, both parties must agree to the terms and conditions of the loan and assume full accountability. It's a decision to not take lightly.
Do you need an auto loan but aren’t sure if you’ll be approved without a co-signer? Skaha Ford’s Easy Deal program offers convenient online credit approvals for a fast decision. Apply today! We offer financing solutions for all Kelowna drivers!
For car buyers who have never traded in a vehicle, understanding the process is essential to maximizing the value of their ride. With Skaha Ford's Easy Deal in BC, we aim to simplify the process to help shoppers make an educated and confident selling and buying decision.What is Trade-in Value?
Trade-in value reflects the best price that a dealer offers for a vehicle. This amount is then credited from a new or used car purchase, or the dealer may make a cash trade-in arrangement.
For example, let's say a vehicle has a $13,000 purchase price. If the dealer offers a trade-in value of $3,000 for the unwanted car, this brings the new vehicle's purchase price to $10,000. Not only does this save money off the purchase price, but it also makes it easier for car buyers to qualify for auto financing since they are borrowing a lower amount. In addition, a cash down payment also decreases the amount financed, saving vehicle owners additional interest throughout their loan.
Need help getting approved for financing in BC? Contact our team at Skaha Ford to inquire about Easy Deal, or click here to fill out this quick trade-in form.
