Hyundai Finance Tips: Should I Get a Co-Signer for My Car Loan?

Hyundai finance might seem intimidating, especially if you don’t have a good credit score, but you don’t have to do it alone. You can enlist the help of a co-signer to qualify for a loan and secure more favorable terms when you buy a car from Sansone Hyundai. Here’s how!

What Is a Co-Signer?

When buying a car with a loan, some people may choose to have a co-signer present to help navigate the process. A co-signer agrees to pay back your auto loan if you are unable to do so. If you’re considering applying for a loan with a co-signer, you’ll need a family member or close friend who is willing to take on this risk. Your co-signer will need to provide some income information and their credit record on the application.

Do You Need a Co-Signer?

While a co-signer’s information is not required on a financing application, you should know that your credit history is one of the major factors lenders consider when determining whether or not you will qualify for a loan. If you’ve already established great credit, you’re likely to have an easier time securing a loan with agreeable terms, and you won’t need a co-signer.

However, for those who have lower or nonexistent credit scores, a co-signer might come in handy. Their information will assure the lender that the loan will be paid back either by you or your co-signer. This gives you a better chance of qualifying for an auto loan and securing favorable terms, such as a lower interest rate.

Learn About Hyundai Finance in Woodbridge, NJ

Do you have questions about auto loans for new Hyundai vehicles? The dedicated Finance Center at Sansone Hyundai is happy to advise. We’ll go over all of your options and help you determine whether or not a co-signer might be a good choice for you. Visit us today to get behind the wheel of your new car!

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