What Does a Jeep® Financing Cosigner Need?

If you’re looking to buy a Jeep® SUV or pickup truck, but your credit isn’t great, you have options. One of them is to use a cosigner on your loan. Here we go over the benefits of this for the Jeep® financing process and what they need to have. 

What Does a Cosigner Offer?

When you apply for a loan, the lender will determine your creditworthiness based in part on your credit score. While a low score may not prevent you from getting a loan, it probably will result in a higher interest rate. With a cosigner, however, this can make it easier to borrow money and, at the same time, give you a better interest rate.

The Requirements for a Cosigner

In order for your cosigner to help you with your loan, there are certain things they need. First and foremost, they should have a good credit score. The higher, the better, but it should be above 670. The cosigner will also need to have steady employment and be able to provide proof of this, as well as pay stubs showing their income.

An Important Note About Using a Cosigner

While a cosigner can help you get a car, you must remember that because their name is on the loan, what you do – or don’t – could affect them. For example, missing a few car payments will hurt your credit score and theirs. And if you were to default on the loan, they would also be on the hook to pay back the money.

Your Financing Questions Answered

If you have questions about financing or using a cosigner, contact Woodhouse Chrysler Jeep Dodge RAM Blair. You can also get pre-approved for a loan by filling out our online application.