May 13, 2010 -
PRLog -- Before we say why one needs a co-signer to get a car loan (http://www.consumercarloan.com)
we should explain what a co-signer is and what responsibility that co-signer has. When a person co-signs a loan they are actually becoming a co-borrower, but they are not considered a co-owner. In other words, the co-signer takes on the responsibility of seeing that the loan is paid each month and consequently, in full. When co-signing for a car loan, the co-signer takes on the responsibility of the loan payment but is not a co-owner of the car.
A borrower needs a co-signer for many reasons and here are two: First, if the borrower is looking for a car loan (http://www.consumercarloan.com)
and is not of the right age, according to the policy of the loaning agency, a co-signer is needed to show that there is someone that will be responsible for the payment of the loan; Second, if the borrower has no credit history or a bad credit history, a co-signer is also needed again, to insure that the loan will be paid.
When co-signing for a car loan (
http://www.consumercarloan.com) or any loan, the co-signer's credit is also checked and should show a good credit history. If the co-signer's credit history is not good, the loan will be refused. The co-signer must also have a good credit history in order for the borrower to qualify for a car loan. This rule is applicable to all of the companies that give car loans.
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Consumer Car Loan is your best source for auto loans or bad credit auto loans online. More information can be found online at http://www.consumercarloan.com.
