Kasey and Green Light Auto Credit did a fantastic job in helping us a great car!
We all need help sometimes; and if you have poor credit, you may end up wondering about the differences of a guarantor vs. cosigner when it comes time to apply for an auto loan around St. Charles or Florissant. Cosigners and guarantors both help guarantee the loan, since they are also responsible for the loan if you fail to pay — but the ways in which they’re responsible are a bit different.
A co-signer is as liable as the primary borrow for paying back the loan, meaning that both parties share equal responsibility. Typically, this option is best if your finances aren’t quite strong enough to deal with the loan on your own. The catch is that the lender has to review the credit histories of both you and your cosigner to approve the loan. With the finances of the cosigner calculated alongside your own, you may be eligible to borrow more money than you would be on your income alone.
A guarantor is very similar to a co-signer, but the nature of the liability for the loan is a little different.
Whether you need a cosigner or guarantor, or if you’re able to take a loan out on your own, all of us at Green Light Auto Credit are dedicated to helping drivers throughout the greater St. Louis area get the financing they need, whether they have good credit, bad credit, or no credit history. Contact us online to discuss how we can help you and to get answers to your questions, such as, “Can you remove a cosigner from a car loan?“