Guest Blog Post: Co-Signing – Pros and Cons
Today we have the pleasure of sharing with you some insight into the role that your credit has to do with the purchase of a vehicle. So, we have combined efforts with Chris Bridges. Chris Bridges provides credit consulting to help consumers learn how to safely build and maintain good credit. She is committed to sharing information about credit management and the impact it has on our lives. Her goal is to change generations by increasing credit scores one point at a time.
She shares information to help reach this goal through blogging, social media, consultations and public speaking. Check out the her blog here http://www.creditwithchris.com/blog-posts/
Today Chris examines a question a lot of people ask themselves when buying a car, “To Co-Sign or not to Co-sign?”
CO-SIGNING – PROS AND CONS
Written by cbridges
Having someone co-sign for a loan might be an option when you have been subject to major financial problem that has affected your credit score to such an extent that no one wants to lend you money. Since credit is essential for rebuilding your credit score this might be the only option available to get started again. By getting the assistance of a co-signer you will get the benefit of that person’s better credit record and that will help you to get a loan with a more reasonable interest rate.
On the other hand, there could be a danger for both people with such an arrangement. Although your credit score might be low you don’t want to add more bad information to your records if your co-signer fails to make payments. Both you and the co-signer are responsible for the payments and any failure to make the payments will result in damage being done to both yours and your co-signers credit scores.
Like anything else, think long and hard about co-signing, but with the right person it could be a good move. For more information about how to build or maintain good credit or to get a free assessment, contact Chris at 877-896-2831 or visit www.creditwithchris.com.