When it’s time to purchase a vehicle, everyone’s financial situation is entirely unique. As a result, the right choice for someone else might not be the right fit for you. Fortunately, the team here at your Jackson, MS, area Hyundai financing center is here to help you find your own ideal choice.
Many shoppers are mistakenly under the impression that having less-than-great credit or little credit means they can’t shop for a new vehicle. This, of course, isn’t the case! The team here at MS Car Loans is eager to help you get into the vehicle you deserve, and we’re more than happy to help you explore your options.
One solution for many of our visitors is to approach financing options with a co-signer. Many shoppers are unfamiliar with the implications of co-signing, but don’t worry; we’re here to break down the basics!
The Ins and Outs of Co-Signing
When you start planning out your financing options, a lack of credit or a poor credit history may have the unfortunate impact of making you appear as a risky borrower. If this is the case, then signing with a co-signer adds a degree of security for the lender when you finance a new Kia near Jackson, MS.
A co-signer can be anyone, assuming they have a credit history that paints a more reliable picture than yours. In this way, a co-signer provides a lender with added confidence when offering a loan. For younger drivers, a parent or guardian often acts as a co-signer. However, there’s no stipulation controlling who can or can’t co-sign for you.
When you finance a vehicle with a co-signer, you maintain ownership of the vehicle and the primary responsibility to make your monthly payments. In the event that you miss a payment or default on your loan, however, the balance becomes the responsibility of the co-signer.
It’s important to discuss the individual circumstances of your arrangement with your potential co-signer to make sure all parties involved are well informed as they move forward. Your expert advisors at MS Car Loans are always happy to help you get into the finer points of things! For more information, or to start the loan application process, be sure to contact us online or to call our team at (877) 964-0040 today.