What is a No Cosigner Auto Loan?
In most cases when an auto lender requires the use of a cosigner in order to approve an auto loan, the applicant would usually have to have a poor credit history, or no credit history at all. Another reason why a lender may require a cosigner is if the applicant has too low of a monthly income to reasonably be able to make their car payment every month. The problem with loans that require a cosigner is that the person that is doing the cosigning (usually a friend or relative) has to take on the risk, that in the occurrence that you fail to make your auto loan payments and default on the auto loan, they will be responsible to pay back the balance still owed on the car loan. For that reason, the cosigner should only cosign for auto finance if they can afford to repay it in the event of your default. This can be a real conundrum for no credit or bad credit car loan applicants. It can be tough to ask someone to take on that much risk. It’s for this reason that Auto Loan Finance allows our
