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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!
