Chevy Financing: What Does Your Cosigner Need?

If you want to apply for Chevy financing but are concerned about your credit, there are still options to secure competitive terms. One of the best is to add a cosigner to your loan. We’re diving into the details at Woodhouse Chevrolet.

What is a Cosigner?

If you have insufficient (or no) credit, you can benefit by adding a cosigner to your loan. A cosigner is another person who agrees to accept financial responsibility for your loan if you can no longer pay your loan as agreed. However, the cosigner doesn’t co-own your car.

What are the Perks of Adding a Cosigner?

When you have a cosigner, lenders will consider both your buying criteria and your cosigner’s buying criteria as well. So, if they have a high credit score, that can help you secure more loan offers. Plus, a low credit score can result in a high interest rate, so their score can also help you get a better interest rate.

What Info Does a Cosigner Need?

When you apply for a loan, we’ll collect information about your finances and debt, so your cosigner must be someone you trust. (Naturally, this needs to be someone that trusts you completely, too, because they are risking their credit standing by cosigning.) Also, the person needs to have excellent credit, so that’s something you should discuss ahead of time. Then, we’ll collect the following info:

• Your date of birth and social security number
• Your address and mortgage (or rent) cost
• Your occupation and income

Get Approved Today at Our Missouri Valley Finance Center

Ready to start the approval process? Visit the finance center at Woodhouse Chevrolet to get approved by our team. Let’s get started today!