How a cosigner can be an auto loans game changer?
The use of a cosigner on an auto loan with bad credit and low income can make the entire issue of having bad credit and no income moot if done properly. When you apply for bad credit auto loans with a cosigner on your application, the dealership/lender will assess their risk in making you the auto loan (with bad credit and no income) based upon the cosigner’s credit rating and income, and not yours. Bearing that in mind, pick your cosigner carefully! When looking for someone, usually a close relative or friend, to cosign on your auto loan with bad credit, you will want to find someone with absolutely stellar credit and a good income if at all possible; remember, the higher the credit score and income that the cosigner has, the better it is for you, because the auto loan’s interest rate will now be based on the credit score (FICO) and income of the person cosigning, and not yours. If the cosigner has a higher credit score, then you will be able to negotiate with the automobile dealershi
