Because cars are pricey, most people don’t have all the funds they need to purchase one. This is where financing can be very beneficial, as it allows you to put up a fraction of the cost of the vehicle and take out a loan for the rest. However, this can be tricky for some people, so our Hyundai finance department is taking a moment to discuss the obstacles to getting a loan and how a cosigner can help.
Your Credit Score
Most of the time, when someone has trouble securing a car loan, their credit score is the culprit. It’s all too easy for a score to drop, and then getting it back up again can prove to be even more challenging. Not having a credit score can be another big hurdle car buyers must overcome.
The Role of the Cosigner
A cosigner could be a good option if you’re looking for a car, but your credit score isn’t great. Having a friend or family member with a solid score willing to cosign will look good in the eyes of your lender. There is an essential thing to remember with a cosigner, however. They will be on the hook as much as you, so if you miss a payment, your credit score and theirs will be affected.
Get the Hyundai Financing Process Started Now
If you’re ready to start the financing process for your vehicle, Keyes Hyundai in Van Nuys makes it easy. All you have to do is fill out our online application to get pre-approved for your loan. Feel free to contact us if you have any questions throughout the process.
